Communist Web Sunday 19th March 2000 9.30pm gmt Profit-hungry banks attack jobs by Peter Mac The proposed Commonwealth Bank takeover of the Colonial Bank revealed last week could result in the loss of 2500 staff positions, as well as the closure of 250 bank branches, in NSW alone. The Finance Sector Union (FSU) has estimated that the total number of jobs lost as a result of the merger could eventually be as high as 10,000, with a total of 1000 branch closures. "Regional banking as we know it would be finished", said FSU National Secretary Tony Beck. The day after the news of the proposed banking takeover, Telstra Corp's chief executive Ziggy Switkowski announced plans to shed another 16,800 jobs and sell off its highly profitable Network, Design and Construction (NDC) division (see page 4 for details). The Commonwealth Bank, not satisfied with last year's $1.4 billion profit, is pursuing even richer rewards for its shareholders, in its proposed takeover of the Colonial Bank, even though this involves the mass sacking of staff and cuts to services. The merger of the two banks is likely to result in the loss of 2500 staff positions, as well as the closure of 250 bank branches, in NSW alone. The Finance Sector Union (FSU) has estimated that the total number of jobs lost as a result of the merger could eventually be as high as 10,000, with a total of 1000 branch closures. "Regional banking as we know it would be finished", said FSU National Secretary Tony Beck. Attempting to defend the closures, the Commonwealth Bank said that it intends to leave one branch of the bank operating in every town where either of the two banks currently operate - or at least for the time being. Bank spokesman David Murray took refuge in an appeal to patriotism, declaring that the merger would be "good for the nation", because otherwise Australian banks were... http://www.billkath.demon.co.uk/cw/prof/prof.html
