Up to 88 staff at the Commonwealth Bank’s Mortgage Services operation in Adelaide are facing redundancy before Christmas this year.

Following a review of the bank’s South Australian operation, Commonwealth Bank is to close the Adelaide Mortgage Services department, and move the operation to Sydney.

Finance Sector Union Local Executive Secretary, Deb Black said the Commonwealth Bank’s decision is a slap in the face for the Adelaide community, and a crushing blow to the bank’s loyal workers.

The announcement comes hot on the heels of Commonwealth Bank’s record profit of $6 billion, and a 75% increase in CEO remuneration.

“The bank has a responsibility to support the community it profits from. Keeping 88 South Australians in work is a good place to start,” said Ms Black.

“The Agreement covering these workers obliges the bank to make reasonable efforts to redeploy workers made redundant to other roles within the bank, and we’ll be holding the bank to that.”

“We’re calling on Commonwealth Bank to ensure there are no forced redundancies as part of this decision,” said Deb Black.

The FSU are meeting with affected workers in coming days, to ensure they are aware of their rights.

As for the topic, I dont know why banks offer redundancies, its just a waste of money.

Re-deploying the staff when others leave has got to be far cheaper.  If you are going to pay someone 20 weeks pay for nothing, you can afford for them to sit idle for a while before vacancies open up.

When a former employer of mine shut a business division, all we did was re-deploy the staff, and as the usual staff turnover happened and staff left, they just were replaced.  That way no one lost their job.

suck eggs to the employees of Banks - they are as crooked as the people they work for (just like a soldier for his Fuhrer). Hope they all remain unemployed until they collect their pensions!