News

By the end of last week the profit statements of NZ’s five largest banks had all been reported, showing a record six-monthly high of $2.882 billion, 10% (or $244 million) higher than the previous six months. The total profits of the five biggest NZ banks – ANZ, ASB, BNZ, Kiwibank and Westpac – came to $5.482 billion in the year 2013.
 
FIRST Union retail and finance secretary Maxine Gay has been vocal of these “sky-high” profits, and calling for workers to receive a fair share of those profits in bargaining this year.
 
Gay argued that targets and sales pressure “have resulted in increased sales and increased profitability, so we’re looking for a good return.” 
 
In the lead-up to Westpac bargaining (where FIRST Union has 2500 members) Gay told Fairfax that “we need to make sure that we get a decent slice of the pie for New Zealand workers this time.”
 
NZ Bankers’ Association chief executive Kirk Hope responded that banks have made  large investments in NZ; employed 25,000 staff and paid $1.5 billion in tax.