iscover 
Yesterday (Monday, 15 September), ASIC announced that ANZ had admitted to engaging in unconscionable conduct in services it provided to the Australian government.
ANZ CEO Nuno Matos responded to the ordeal: “The failings outlined are simply not good enough and they reinforce the case for change. It is my expectation that we see measurable improvements across the bank to better protect and care for our customers and to create a more sustainable business.”
Following the announcement from ASIC, the FSU said it will lodge a dispute with the Fair Work Commission against the banking giant, referencing its aforementioned fine, its “bungling” of the thousands of job cuts, which the union said is “leaving thousands of workers in limbo”.
“Thousands of workers had a weekend of uncertainty not knowing if they still had a job, with many facing questions from family and friends and not having answers. Today, the FSU is lodging a dispute with the Fair Work Commission, calling for urgent intervention, so workers can get the clarity they deserve after it found ANZ’s response to consultation requirements under the enterprise agreement woeful,” the union said in a statement.
The FSU will be meeting with workers this week, it said, to support them through the consultation process.
According to FSU national secretary Julia Angrisano, ANZ is “a bank in crisis – fined $240 million by ASIC for its misconduct, and now betraying 3,500 workers with bungled job cuts and secrecy. Thousands of families are left in the dark while executives protect their bonuses.
“ANZ has learned nothing from its record fine. Workers are once again paying the price. Loyal staff are being thrown on the scrapheap without clarity or respect. That’s why we’ve taken ANZ to the Fair Work Commission, because workers deserve honesty and certainty about their future,” she said.
“ANZ calls this a restructure, but to workers it feels like chaos. Families are left in limbo, staff are blindsided, and whole communities will feel the impact when thousands of secure jobs disappear.
“ANZ can find $240 million to pay for unconscionable conduct, yet it’s cutting 3,500 staff. It shows a bank that is completely unhinged, workers and customers are the ones paying the price for executive failure.
“This record penalty makes clear ANZ’s leadership failed in its duty to customers, but instead of executives taking responsibility, it’s frontline staff whose jobs are being sacrificed.”
In a statement provided to Broker Daily sister brand HR Leader, a spokesperson for ANZ said that the bank “has consistently engaged with our staff and the union on our proposed organisational changes”.
“We are confident we have met all of our consultation obligations. We are yet to be informed by the FSU of any application,” the spokesperson said.
[Related: ANZ faces largest ever ASIC penalty for misconduct]