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Senior executives and managers at the Commonwealth Bank are reaping the rewards of the bank’s success, while the employees who deliver the services to customers are left to fight over the crumbs, said the Finance Sector Union in Australia. “Commbank is the bank that can pay exec bonuses, but won’t give workers a fair share,” said FSU National Secretary Leon Carter. The bank reported a record annual profit of $7.1 billion making it the most profitable bank in Australia. Within the profit announcement was confirmation Commbank has lost 1,200 full time positions during the year. At the same time, the Bank spent 46% more on executive pay in 2010/11 and paid the former CEO $ 9 million for 5 months work or $63000 per day !



FSU was in talks with Australia’s largest bank for a new Agreement to cover 20,000 low paid workers, before the bank  announced a pay increase of 0% - 3.5%. To get 3.5% the bank must consider you a “valued contributor”. FSU is asking for a 4% increase for all employees, and guarantees on job security. Commbank has an expensive advertising campaign – CAN.

Visit the website www.commbankwont.com.au , use the profit calculator and share the results on social media.



VIDEO: Protest in Sydney http://www.youtube.com/watch?v=SkxD_AK6LmU&feature=share