CBA make huge profit at the expense of its workforce says FSU

TODAY the Commonwealth Bank of Australia (CBA) announced an industry leading profit of $10.2 billion "and yet is trailing NAB in its pay offer to staff" according to Finance Sector Union (FSU) national secretary Julia Angrisano.

Ms Angrisano said CBA was posting the biggest profit of the big four banks and should be offering industry leading pay rises.

“Very obviously, the CBA can afford to pay more," Ms Angrisano said. "Their proposed pay rise would be a pay cut in real terms, given inflation.  The finance industry would expect the CBA to provide industry leading wage increases given their industry leading profits.”
 
Ms Angrisano also said there was no reason, given the CBA profit, for them to continue to close branches and offshore jobs.
 
“They are abandoning communities and Australian jobs in the interests of profit," she said. "Retail branch staff continue to turn up to work without sufficient resourcing whilst experiencing the threat of future branch closures whilst back-office workers continue to lose colleagues to offshoring."
 
FSU recently lodged a dispute at the Fair Work Commission regarding the banks direction that workers return to the office 50 percent of the time.

"These are the same workers that have delivered a $10.2 billion profit, yet the bank continues to ignore the impact this is having on their staff," Ms Angrisano said.
 
“CBA’s record profit demonstrates that staff can continue to work productively while maintaining their current work from home arrangements. The Return to Office mandate is clearly not necessary and we are therefore disappointed that CBA has chosen not to address these significant concerns during the Fair Work proceedings.
 
“The lack of self-awareness from the bank’s leadership, posting profits this big while denying their own workforce any recognition for their hard work and contribution, is actually quite alarming. The CBA is out of step with community expectation and out of step with Australian values.”

 

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