‘The banks think that no one is watching’ Lachlan Maddock 07 April 2021
A survey of staff from Australia’s largest financial institutions shows that banking culture has only festered since the excoriating experience of the royal commission.
Participants in focus groups organised by the Finance Sector Union (FSU) “overwhelmingly disagreed” that the sales-based culture of Australia’s big four banks had changed in the wake of the royal commission, with many claiming that things were worse than ever.
“That’s untrue. Certainly untrue, especially for NAB. The literal opposite of what they’re doing at the moment. We’re still pushed to get targets, behaviours and actually targets,” said one participant, responding to a statement made by Australian Banking Association (ABA) chief Anna Bligh that “the linking of remuneration and bonuses to direct sales targets has been abolished”.
Last modified on Tue 6 Apr 2021 13.31 EDT
The culture inside Australia’s banks has not improved in the two years since an overhaul of the scandal-prone sector was recommended by a royal commission, employees say.
In focus groups conducted for the Finance Sector Union, bank workers rejected statements from the Australian Banking Association’s chief executive, Anna Bligh, that employees were no longer being paid based on hitting sales benchmarks.
“If anything since the RC things have just gotten worse,” one worker said during the focus group sessions, a report of which has been obtained by Guardian Australia.
“The banks think that no one is watching. Since the royal commission they’re just slipping things back in and it’s now worse than ever.”