WestPac cheif says 2015 economy should grow.

Discussion in 'Markets & Economies' started by TheEnd, Dec 12, 2014.

  1. TheEnd

    TheEnd Well-Known Member

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    TheEnd, Dec 12, 2014
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  2. systematic

    systematic Well-Known Member

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    Big four: jobs go as profits surge

    Profits at Australia's largest banks may have swelled to a record $27.4 billion this year, but staff numbers at three of the big four are heading in the other direction.

    Westpac, NAB and ANZ have cut more than 1900 full-time jobs between them in the past year, taking employee numbers at the big four to 170,200, figures from the banks' results show.

    The cuts have been driven by a push to lift productivity and cut costs in response to soft revenue growth, including moves by Westpac, NAB and ANZ to replace some local staff with lower-paid workers overseas. Commonwealth Bank was the only lender to expand its employee ranks over the financial year.

    Read more: http://www.smh.com.au/business/big-four-jobs-go-as-profits-surge-20131105-2wzhb.html#ixzz3LkXHcgWx

    That works out to $75 million dollars profit per day.

    Good news for the shareholders? The biggest shareholders like HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED. J P MORGAN NOMINEES AUSTRALIA LIMITED. CITICORP NOMINEES PTY LIMITED. They are not ordinary Aussie mum and dad investors ....
     
    systematic, Dec 12, 2014
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  3. TheEnd

    TheEnd Well-Known Member

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    Bloody hell I did'nt know that was happening....Fricken Banks they make me sick!
     
    TheEnd, Dec 12, 2014
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  4. JulieW

    JulieW Well-Known Member Silver Stacker

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    Big snip of charts and rationale as to why, in essence, sacking workers to save costs and giving CEO's the savings, to increase profits has a negative effect. This encapsulates it:



    Conclusions
     
    JulieW, Dec 12, 2014
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  5. TheEnd

    TheEnd Well-Known Member

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    So the economy is all dependent on wether interest rates go lower or higher it .....Would'nt have thought a couple of 0.25% drops or increases would make so much difference but the economy is very fragile at the moment it seems and sensitive to interest rates. I think the RBA will lower rates to keep the property market alive.
     
    TheEnd, Dec 14, 2014
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  6. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Cutting rates further would be a move of extreme desperation that everyone knows doesn't work, hasn't worked, and makes things even worse. It will prop up inefficient companies and could lead to a property mega-bubble.

    Quoting myself from another thread:

     
    SpacePete, Dec 14, 2014
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