Job cuts to be announced today by the National Australia Bank - which owns the Bank of New Zealand - will be "deep" and "across the board", according to Australian news reports.
NAB chief executive Cameron Clyne is expected to reveal hundreds of job cuts in New Zealand, Australia and
Britain today, reported Melbourne newspaper the Herald Sun.
Customer-facing positions such as tellers might be spared in Australia but not in New Zealand or Britain where new business levels were reduced because of the recession in each economy, the newspaper said.
NAB is also expected to reduce its full-time staff - which stood at 39,729 around the world in September - by not renewing contract positions in New Zealand and Australia.
New Zealand finance workers' union Finsec wants the Government to intervene and save jobs.
Finsec said yesterday that it sought, but did not receive, clarification from BNZ.
"At this stage it is speculative but I think it is a fair assumption that jobs are on the line," said Finsec campaigns director Andrew Campbell.
The union would campaign to stop any job losses, as BNZ made huge profits in New Zealand and had just reported a profit increase in the December quarter.
"We will be calling on the Government to intervene."
He said the bank now enjoyed a Government guarantee and should keep jobs in New Zealand.
BNZ spokesmen could not be reached for comment last night.
- NZPA
