Country : | Australia |
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Task:
Accounting Theory Assignment
Question One (15 Marks)
Banks to slash extra 1000 jobs
On 21st August 2002 the Commonwealth Bank (CBA) announced that it would slash 1550 jobs while creating 550 jobs, a net loss of 1000 jobs. It planned to reduce inefficient operations, task duplication & some back-office processing functions, but stated that it would not close more branches even where closures had been planned. The news received hostile reactions from both unions and consumer advocates like the Australian Consumers’ Association (ACA).
Union officials said that the job cuts were scandalous, and that bank staff were suffering from uncertainty following previous cuts and closures. ‘ It is unbelievable’ said Tony Beck, Finance Sector Union national secretary. ‘ They have just shed 500 jobs, all from the retail network. Now we get this punch with another 1000 jobs.’
The ACA was equally unimpressed. Its finance policy officer Catherine Wolthuizen asked when the losses would stop. ‘ How much profit is enough for greedy banks like CBA and how much further will it flout consumer and community demands before the Government acts?’
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