*This article was published in our email for paying subscribers. See here for more details and how to subscribe.
5 Comments
An increase of 9% to $3.2b is an increase of $264m. Over 600 staff that's an average of $440k per employee. Assuming they weren't all hired on day 1 of the financial year so that average probably goes up a fair bit. Sounds like a good wicket.
Not all of that 9% increase in personnel costs ($264m) would've gone straight to new staff salaries.
Our banks evidently had a profitable year and may have awarded generous bonus and pay hikes to a portion of its existing staff (management, sales & broking, treasury, etc.). These expenses are recorded as personnel costs as well.
Quite right, cheers
I'm not suprised, there is a housing boom in progress so they probably need more frontline staff until the housing market cools.
This OZ banks cartel, is where the NZ economic jugular vein is held hostage. Whatever RBNZ & NZ govt do today and in the past, as well into the future? are all dictated/lobbied from this point. The house never loose.
They're there to suck up the goods, until nothing left - by then, it's their natural decision to leave.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.