Bank profits are up again. A 10 per cent increase over the past three months it was announced yesterday.
What we don’t often hear though is how this profit is generated.
It basically goes like this. Bank staff are all under sales targets. They need to sell a certain level of debt to meet these targets.
That’s right – their job is to push as much debt on to New Zealand communities as they can, and they are pressured by management to achieve targets. This is big money we’re talking. Collectively the banks make several billion dollars profit each year and much of that goes back to Australia.
What if their customers have enough debt, thank you very much? Tough. If targets aren’t met the workers are subject to performance management to get them back on the straight and narrow to make sure they do.
It’s no wonder that the ‘Big Four’ banks, as they’re often called, have collectively been chosen as finalists for this year’s Roger Awards.
Now I’ve been told that there may be some staff at a Westpac branch in Wellington today that are going to take strike action over this.
They’ve had enough.
They want an end to these unfair targets that are making their work lives completely stressful.
My understanding is they’re considering walking off the job today. And who can blame them really?