January 21st, 2012 
Travis Brown 
Mortgage holders who borrowed from Australian banking major ANZ can breathe a sigh of relief as the lender said it would hold its variable mortgage rate, however employees of the bank are not so lucky as they await news over a possible cut in jobs.
Last week, the Finance Sector Union confirmed that the lender has plans on axing hundreds of positions over the following six moths.
Leanne Shingles, communications officer for the Union, in an interview with news.com.au said that whilst ANZ had indicated there would be a number of job cuts, did not specify exactly how many, or where they would be cutting.
Some reports suggest as many as 1000 jobs would be cut at the lender.
Ms. Shingles said there was “no justification” for lenders cutting back on staff after posting record profits during the previous year.
“Whenever there is a need or a perceived need to cut costs the first thing that employers or industry do is cut jobs. There are other ways of cutting costs but it’s always workers that cop it first.” She said.
Leon Carter, president of the union, said the news was alarming, and is worried that many more jobs were at risk.
“Whilst they don’t have a final number, it’s clear that the number of jobs that will disappear will be in the hundreds, and we would say many hundreds, not just one or two,” he told AAP.
Mr. Carter warned that job cuts could occur at the other major lenders.
“Our thinking here is, the same cost pressures that are applying to ANZ also apply to the other three,” Mr Carter said.
“If the community and the government stand by and say that an acceptable response to that pressure is to slash jobs, then nobody wins, in fact everybody loses.”
Mr. Carter said it was not acceptable for profitable big businesses such as ANZ to cut employees at the first sign of cost pressures.
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