The ANZ made a profit of nearly one billion dollars last year. The country's biggest bank reported a $990 million net profit after tax in the year to September 30 2008, down a little from $1.039 billion in 2007.
Despite the massive profits the ANZ still wants more - so it's time to send those jobs to countries where the wage levels are much lower.
In January the ANZ anounced that one hundred jobs were going offshore, namely Bangalore, India.
Last year the bank said that it planned to move about "one per cent of our New Zealand work to ANZ Bangalore this calendar year, and up to five per cent by the end of 2009". This translates to approximately 500 jobs.
ANZ's chief executive is Graham Hodges. He'll be attending Fridays 'Job Summit' where, no doubt, the hypocritical Hodges will have plenty to say about how to keep New Zealanders in work.
Not working for the ANZ would be a good suggestion.
Last month Hodges said 'outsourcing' jobs would give would give his bank 'a competitive advantage.'
Of course any advantage will prove shortlived because the other banks will simply follow the ANZ's example, leading to even more job losses.
Banker. It rhymes with...