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MAKING NEWS
Fri, 14 November 2008
THOUSANDS of jobs are set to go after St George shareholders approved the $17 billion Westpac takeover.
The vote was 95 per cent in support of the merger despite resistance from some shareholders and St George staff.
The merger will create Australia's largest bank, but 2000 jobs will be slashed despite promises to keep the St George brand and branch network for at least three years.
The job cuts will occur mostly in the technology divisions and back-office operations, where there will be duplication as a result of the merger, reports The Australian.
The Finance Sector Union warned the job losses could be higher, with up to 5000 positions under threat.
Suncorp revealed yesterday it would cut 350 staff, on top of the 200 it has already lost by merging its retail and banking businesses.
Shares in both banks were punished -- Westpac off 11 per cent and St George 9.5 per cent -- as weakness emerged in the broader financial sector.
St George chairman John Curtis, who will become the deputy chair of Westpac , said the financial landscape had changed.
"This is one of the most uncertain economic times we have seen in the past 30 years, so putting together two good banks and making one big bank is extremely important,'' he said.
"In the past six months the financial plates of the world have moved,'' Mr Curtis said.
Mr Curtis said there could be further consolidation in the banking sector, particularly at the junior end of the market, which was struggling with high wholesale costs.
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