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Big bank raises interest rates, sacks staff. Sends execs on a luxury cruise.

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  • #1

    Big bank raises interest rates, sacks staff. Sends execs on a luxury cruise.

    When I first read this, I honestly thought it was probably taken from the Onion or something like that. But it's actually true.

    Link

    The ANZ bank raised their mortgage rates, even though the Reserve Bank kept official rates on hold in Feb. ANZ then announced that they would axe 1000 staff.

    Oh, and they posted more than a billion dollars profit in the last quarter...

    So, the top 100 employees (an 100 guests) will be off for a luxury weekend cruise, with a personal butler *each*.

    I used to work for the ANZ. I actually liked it there. Guess things have changed since I was there.
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  • #2
    ANZ is trying to say the 100 are the winners of the "CEO Recognition Program"; junior performers.

    The message being sent is still clear: make money any way and here is your reward.
    Good news! Your insurance company says they'll cover you. Unfortunately, they also say it will be with dirt.

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    • #3
      Well, after all, one butler for 200 people wouldn't be much use
      "My in-laws are country people and at night you can hear their distinctive howl."

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      • #4
        Originally posted by Panacea View Post
        ANZ is trying to say the 100 are the winners of the "CEO Recognition Program"; junior performers.

        The message being sent is still clear: make money any way and here is your reward.
        Yes, and as someone who actually worked for the bank for 8 months, let me just say that the CEO Recognition Program is just a way to get some more perks for the upper execs. Seriously, I implemented an weekly, automated project status report that meant that around 40 mid- to high-level managers went from spending half a day on weekly project reporting, to 10 minutes. Over the course of a six month project, that adds up to quite a bit of savings in terms of both time and efficiency.

        A co-worker suggested to my manager that I should be nominated. She laughed and told her that the program was not for people like *me*.

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        • #5
          This reminds me of when AIG asked for a bail out, then turned around and used that money for lavish hotels and massages for the execs. Fuckers! Stuff like this is a slap in the face to the working and middle class citizens!
          There are no stupid questions, just stupid people...

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          • #6
            Or receiving a huge bonus for a really good deal made with a big customer (I won't name any names) and keeping the majority of that "bonus" for the big cats and the pissons who did all the work just get their usual measly bonus.

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            • #7
              We just had a new starter at work today who was canned from ANZ in the last lot of layoffs. He said that he knew two people who were going on the trip. Apparently, they now don't want to go.

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