Finance union lashes Westpac over ‘luxury retreat’ for bosses after 750 jobs were slashed to cut costs
One of Australia’s biggest banks has been slammed for a leaders’ “luxury retreat” after it sacked more than 750 workers to cut costs.
The Finance Sector Union has lashed out at Westpac over its decision to host a retreat after the bank slashed hundreds of jobs in the name of cutting costs.
The union slammed the bank bosses for going on a “luxury retreat” in NSW wine country after cutting more than 700 jobs to “carefully manage expenses”.
@Westpac bosses are currently on a luxury retreat... while they just cut 750 jobs to "carefully manage expenses"
— Finance Sector Union (@FSU_Australia) July 20, 2023
According to the union, Westpac chief customer engagement officer Ross Miller is heading a leadership team trip to the Hunter Valley this week, as the bank slashed jobs “at an unprecedented rate”.
Records kept by the FSU show 772 Westpac staff have been sacked in 2023, with 77 people made redundant this month, alone.
FSU national secretary Julia Angrisano accused Mr Miller and the bank’s leadership team of hypocrisy, saying their getaway was an insult to the workers who had been sacked under the guise of managing expenses.
“It is hypocritical for Westpac to be pushing our members out the door while Ross Miller’s leadership team takes a luxury Hunter Valley break,” Ms Angrisano said.
“This is slap in the face for Westpac staff who have lost jobs during already challenging economic times and have told us that they will be unable to make ends meet.”
She added it was a bad look for the group to be “kicking up its heels at the expense of the jobs of Westpac workers further down the food chain.”
A Westpac spokesman confirmed to news.com.au a group of Westpac staff had attended the Rydges Resort in the Hunter Valley for a conference this week.
It is understood there was a large group – about 200 mid-level workers – at the resort for a skills development event.
The Rydges Resort website advertises the “sprawling playground” as a place for holidays, destination weddings, and business conferences where visitors find “corners of leisure fit just for you”.
Located two-hours up the road from Sydney, the resort spruiks wineries, walking trails, a golf course, a spa and fine dining facilities.
The resort is also home to several event venues for conferences and business events which, the site promises, “go beyond conventional, fun and renewal is added to every agenda”.
A Westpac spokesman responded to the union’s criticism over the retreat in a statement to news.com.au.
“We have an obligation to invest in the professional development of our people, which provides benefits for our employees, customers and shareholders,” the spokesman said.
“This may mean that we occasionally bring staff together from around Australia for in-person events.”
The FSU has been campaigning against Westpac’s job cuts – which saw more hundreds of jobs slashed in the first fortnight of June – describing them as “callous and shocking”.
But a Westpac spokesman issued a statement to the media explaining that the cuts were part of a “simplification and cost reset program”.
“In February 2022, we announced plans to simplify the bank, improve accountability and reduce costs. This ongoing reorganisation is part of our simplification and cost reset program,” they said.
“We’ll be supporting our employees as we make these changes.”
According to the FSU, Westpac justified the latest round of job losses by saying it needed to “carefully manage our expenses” as part of that program while accounting for the “ongoing economic uncertainty across the country”.
But the FSU has challenged that claim, pointing to Westpac’s growing profits – it posted a $4 billion profit in the six months to March (up 22 per cent) – its multimillion-dollar spend on NRL sponsorship – including an $8m sponsorship of the NSW Blues – and executives’ pay rises.
“This clearly demonstrates Westpac is making a choice to prioritise profits over people,” the union’s ‘Death by a Thousand Cuts’campaign page reads.
The FSU says it has written to the NSW, ACT, Victorian and Tasmanian Treasurers outlining the impact that these job cuts will have on service delivery across the public sector and beyond.
News.com.au approached the FSU to address its claims about the “luxury retreat” and about its ongoing campaign against the job cuts. The union did not reply by the time of publishing.
Have you been impacted by job cuts? Continue the conversation – georgina.noack@news.com.au
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