By Gareth Vaughan
Although acknowledging its staff are paid more on average than their counterparts at the big four Australian owned banks, Kiwibank says it's not an apples with apples comparison.
Figures in KPMG's annual Financial Institutions Performance Survey show the personnel cost per employee at Kiwibank rose $11,600, or 13%, in the year to September 30, 2013 from the previous year to $100,300. That gives the bank a higher personnel cost per employee than any of the big four banks with Westpac second at $97,200.
Across the big five banks personnel costs actually fell last year by $69 million, or 3%, to $2.267 billion from $2.336 billion in 2012. ANZ was the main driver of the fall. As it completed full integration of the ANZ and National Banks including onto one IT platform, ANZ shed 899 staff, or 10% of its workforce, with the average cost per employee down $5,200, or 5%, to $95,400. ANZ's total personnel costs dropped $109 million, or 12%, to $833 million.
Total staffing levels across the five banks fell 822, or 3%, year-on-year to 23,547.
A Kiwibank spokesman told interest.co.nz that because of the franchise model of its Post Shops/branches, no branch full time equivalent employee cost is attributed directly to Kiwibank's financials.
"Hence our average salary cost is higher with mainly head office and management related positions. The (year-on-year) increase reflects the investment in greater capability into more specialised roles," the spokesman said, declining to elaborate on what the more specialised roles are. The Kiwibank figures don't include staff from sister company Gareth Morgan Investments.
The Kiwibank spokesman also said over time more NZ Post retail staff will be incorporated into Kiwibank, but not franchise staff.
Elsewhere BNZ added 132 staff, a 3% increase to 4,743. Its average cost per employee rose $500 to $89,800. Staff numbers at ASB including those in New Zealand working for its parent Commonwealth Bank of Australia, increased by 23 to 4,718, with the average cost up $200 to $94,100. And Westpac reduced staff numbers by 243, or 5%, to 4,613 with its average cost up $5,300 to $97,200.
Here's the details from KPMG's FIPS
| Personnel cost | 2013 | 2013 | 2013 | 2012 | 2012 | 2012 |
| Employee numbers | Personnel cost $million | Cost/average employees $000's | Employee numbers | Personnel cost $million | Cost/average employees $000's | |
| ANZ | 8,284 | 833 | 95.4 | 9,183 | 942 | 100.6 |
| BNZ | 4,743 | 420 | 89.8 | 4,611 | 417 | 89.3 |
| CBA + ASB | 4,718 | 443 | 94.1 | 4,695 | 440 | 93.9 |
| Kiwibank | 1,189 | 111 | 100.3 | 1,024 | 91 | 88.7 |
| Westpac | 4,613 | 460 | 97.2 | 4,856 | 446 | 91.9 |
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