The ANZ bank represents one of the bastions of Australia's capitalist system - our large banks: . Massive profits on the back of investors deposits being government guaranteed . Historically favourable operational margins . Historically high proportion of easy money home loans . Poor service delivery to customers amidst fees galore on transactions . Commitment to slashing staff costs while extending executive remuneration
It comes as no surprise that ANZ has increased its lending rates & is slashing staff levels - that IS their concept of 'workforce flexibility' & 'increasing productivity'.
I've no doubt the others will follow suit.
This is similar to a ponzi model & eventually executive remuneration will cripple such companies as customers begin to access alternatives, customer service creates systemic problems such as rediteller failures & credit card fraud & investors become very anxious.
