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Westpac change of guard provides chance to end excess culture at the top

Friday, March 16, 2012

New leadership at Westpac bank means it’s a good time for a change of culture in the organisation, says FIRST Union. Westpac NZ CEO George Frazis is leaving the New Zealand operation and returning to Australia.

FIRST Union Finance Secretary Andrew Casidy said that a rebalancing was needed; away from simply repatriating big profits back to Australia and paying $5.8 million CEO salaries, to an organisation where its loyal workforce was a higher priority.

A key concern was unfair target systems. “Despite the global financial crisis, and the Canterbury earthquake, Westpac has escalated its sale targets regime in the last two years. Staff are paying the price for Westpac persisting with unrealistic and irresponsible sales targets. Westpac is a wealthy employer who could and should be leading by example with better work practices,” Andrew Casidy said.

Andrew Casidy said FIRST Union would welcome the opportunity to brief incoming CEO Peter Clare on these and other matters for Westpac workers.


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