Monday, October 29, 2007

Bank staff push ethics

Industrial Action
The Age, October 29, 2007, In Brief

"Westpac staff want the right to refuse to push financial products such as insurance, credit cards and hefty personal loans on customers who cannot meet their repayments. The staff are demanding their new enterprise agreement severs the link between performance pay and the sale of loan and credit, especially given the record level of household debt in Australia.

But they are heading for a clash with Westpac, which, like all banks, increasingly requires staff to be more entrepreneurial. The employees are also up against industrial relations laws that prevent unions from negotiating "conscience clauses" or engaging in action that disrupts the right to run a business."

Your future is our future
(Westpac's latest slogan)

Westpac's latest advertising (propaganda) campaign shows a number of Australians from diverse backgrounds whom Westpac is declaring that the fate of their future is the fate of Westpac's future, and even includes images of penguins struggling on icebergs with upbeat and hip music.

Considering the disaster in America with sub-prime mortgage loans and the global impact during their demise, one would think that Australian financial institutions would be more realistic in their sales targets. Rather we see banks like Westpac push their employees for a 20% increase per annum in selling credit and loans in exchange for 5% salary bonuses.

Is it a case of those who can't teach, do; and those who wont do, advertise?

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