Union News

Unions NSW and the Finance Sector Union have called on NSW Premier, Barry O'Farrell to use his leverage with Westpac to convince the company to abandon plans to slash 560 jobs.

The nation's second largest bank announced the cuts yesterday, with 150 positions to be sent offshore.

The cuts come despite Westpac posting a record net profit of $6.9 billion in the 2011 financial year.

"The NSW Government needs to intervene here and use its financial muscle as a major customer to force Westpac to treat longstanding, loyal staff members with the dignity and respect they deserve," Unions NSW Secretary, Mark Lennon said.

"The financial services sector is a crucial engine of the NSW economy. At a time when other parts of the State are sluggish, we can't afford to lose hundreds of jobs in the banking sector."

FSU NSW/ACT Secretary Geoff Derrick said Westpac had to be held accountable, by any means necessary.

"These cuts are entirely unnecessary, Australia's banks are healthy and viable and it's highly cynical of Westpac to use the cloak of the European debt crisis to cut staff," Mr Derrick said,

"Westpac and the other big banks have repeatedly shown scant regard for both their workforce and consumers.

"The State Government needs to persuade companies such as Westpac to keep vital financial services jobs here in Australia."