Keeping New Zealanders in Work
No one can deny the important role banks and finance companies play in the economy. That is why taxpayers are supporting the banks in these difficult times by guaranteeing their deposits and wholesale funding.

Despite this guarantee of their business, banks have made no such guarantee to their staff about job security. While the banks make combined profits in excess of $2.5 billion and CEOs receive salary packages of more than $2 million each, banks continue to cut jobs and offshore work.

It is time for the banks to do their bit for New Zealand

We, the undersigned, call on the government to make retention of current staffing numbers a condition of the deposits and wholesale funding guarantee schemes. Profitable financial institutions receiving tax payer support should not be adding to the recession by laying off staff.