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RECORD PROFIT FOR AUSTRALIA'S WESTPAC BUILT ON STAFF CUTS: UNION.
MELBOURNE, Nov 1 Asia Pulse - Westpac Banking Corp's (ASX:WBC) announcement of a record A$2.192 billion (US$1.22 billion) net profit for the year to September 30, 2002 followed a decade in which it cut staff by 17,000, Finance Sector Union (FSU) secretary Tony Beck said.
"The record profit has been built on understaffing and outsourcing," Mr Beck said in a statement.
"The public are paying more for bank services and getting less staff to help them."
Mr Beck said Westpac staff workloads had risen with the bank's profit margin.
The bank made A$111,224 for each employee this year, compared with A$98,000 per head last year, he said.
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Source: HighBeam Research, RECORD PROFIT FOR AUSTRALIA'S WESTPAC BUILT ON STAFF CUTS: UNION.