The greediest bank of them all

The Commonwealth Bank (CBA), formerly the "people's bank", has been 
forced to into new negotiations with the Financial Sector Union. The bank 
and the FSU were to hold daily in camera talks before the Australian 
Industrial Relations Commission until the end of last week and have until 
October 31 to reach an agreement over pay and conditions for the bank's 
28,000 workers.

Three weeks ago the Federal Court banned the bank from coercing its workers 
to sign individual contracts in violation of the Workplace Relations Act.

Section 298M prohibits employers from inducing workers to leave their 
union; Section 170NC prohibits employers coercing employees to make or not 
make an agreement; Section 170WG prohibits employers from making false or 
misleading statements about AWAs.

The bank wants workers to sign the contracts so as to bypass the strength 
and protection of the union and undermine working conditions and pay.

Not surprisingly only a couple of hundred workers, out of over 28,000, 
inquired about the contracts. The CBA workforce have consistently wanted 
their union to represent them in these negotiations.

The bank is only prepared to offer a 6.5 per cent pay rise over two years 
with performance based pay. The FSU wants its workers to get a very modest 
13 per cent pay rise over two years and they want the bank to address low 
staffing levels in its branches.

The banks are making record profits, in the billions of dollars, and they 
are happy to pay their CEO and other executives multi-million dollar 
salaries.

The Commonwealth Bank was also the subject of a series of national protest 
rallies last week.

The rallies were organised by the FSU and speakers included representatives 
from the ACTU, church groups, pensioner, consumer and welfare groups.

All spoke of the poor way that the bank treats its customers and staff.

The rallies encouraged lunchtime shoppers to sign a petition calling on the 
government to establish a charter of social responsibility for Australia's 
banks.

Commonwealth shareholders were also encouraged to speak against the banks 
excesses by attending the company's AGM on October 26 or to give their 
proxy voting rights to the FSU.

The Bank's record $1.7 billion profit this year came at a high price to 
bank workers and customers:

* 438 branches have been in the past five years;
* 250 branches will be closed due to its take over of Colonial State Bank;
* fee increases of 50 per cent for some over the counter transactions;
* 13,000 bank jobs cut;
* staff paid less than at the other major banks;
* branches understaffed; while
* CEO David Murray was paid $2 million this year, a 273 per cent increase 
since 1994.