500 finance jobs gone offshore this year: FSU

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500 finance jobs gone offshore this year: FSU

Five hundred finance jobs have been sent offshore in the first two months of this year following yesterday’s announcement that it is sending 131 jobs to India, the Finance Sector Union says.

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Five hundred finance jobs have been sent offshore in the first two months of this year following yesterday’s announcement that it is sending 131 jobs to India, the Finance Sector Union (FSU) says.

The ANZ announcement follows Westpac’s announcement last week that 134 jobs are heading offshore to India and the Philippines.

‘We are not even two months into the year, and already 500 finance jobs have been Offshored,’ said FSU national secretary Leon Carter.
 
‘Is it any wonder that finance workers are feeling increasingly concerned about their future?’
 
Carter said most of the jobs caught up in the latest offshoring announcement are located at ANZ’s Wealth and Private Banking business in Sydney.

Data risk

The jobs targeted for off-shoring involve administration of the pension funds of high net worth individuals.

‘When these jobs are performed in Australia, the data that workers access is subject to Australian privacy laws,’ Carter said.
 
‘Offshoring these jobs may put customer data at risk.’

He said a recent Essential Poll found 85% of Australians want banks and other businesses to obtain consumer consent before offshoring their data.

The poll also highlighted significant public concern over the loss of jobs associated with data storage and administration, with 73 per cent supporting government intervention to protect jobs in the services sector.

‘ANZ should do the right thing by customers and their loyal staff, and keep jobs and data in Australia,’ Carter said.

‘And with ANZ on track to post another record profit this year, it is simply not good enough that 131 finance workers face an uncertain future while working for one of Australia’s most profitable banks.’
 
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