REDUNDANCIES – AUSTRALIA

NAB wields axe despite $6.6bn profit

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Original article by Michael Roddan
The Australian – Page: 19 & 23 : 3-Nov-17

National Australia Bank has posted a 2016-17 cash profit of $A6.64bn, which is 2.5 per cent higher than previously. The earnings of its business banking division rose by 6.3 per cent to $A2.8bn in the year to September 2017, while its consumer banking and wealth division reported earnings growth of 4.3 per cent to $A1.6bn. NAB has revealed plans to slash costs by $A1bn by 2020. This will include the loss of 6,000 jobs, which equates to about 18 per cent of its workforce, although NAB also intends to recruit 2,000 people with digital and technology skills as part of its focus on automation.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, NIPPON LIFE INSURANCE COMPANY LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CLSA AUSTRALIA PTY LTD

Oh what a sinking feeling … a half-century on, Toyota pulls out

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Original article by Philip King
The Australian – Page: 7 : 3-Oct-17

Toyota’s Altona manufacturing plant in Melbourne will close on 3 October 2017, with the loss of 2,500 jobs. John Conomos, the former head of Toyota Australia, says the Japanese car-maker would have maintained a local manufacturing presence if Holden or Ford had also decided to remain in Australia. He adds that Toyota had been planning to build a third model in Australia, most likely a sports utility vehicle, when its rivals announced plans to end local production. Holden’s assembly plant in Adelaide will close on 20 October.

CORPORATES
TOYOTA MOTOR CORPORATION AUSTRALIA LIMITED, GM HOLDEN LIMITED, FORD MOTOR COMPANY AUSTRALIA LIMITED

ANZ restructure raises union fears of significant job losses

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Original article by David Marin-Guzman, James Frost
The Australian Financial Review – Page: 13 & 16 : 1-Aug-17

ANZ Bank CEO Shayne Elliott will emphasis on 1 August 2017 via a video to all staff that its Australasian focus is on retail customers and on corporate customers in Asia. The video will follow on from a message sent by Elliott on the previous day in which he called for changes to ANZ’s work practices and flexibility. Julia Angrisano of the Finance Sector Union says it is concerned that what appears to be a major reorganisation by ANZ will lead to job cuts at the bank.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FINANCE SECTOR UNION, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE GROUP LIMITED – ASX MQG

Telstra denies ‘ambush’ over massive job cuts

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Original article by Supratim Adhikari
The Australian – Page: 21 : 16-Jun-17

Telstra is to make 1,400 workers redundant, with the majority of the job losses understood to be occurring in New South Wales and Victoria. Telstra has refuted union claims that there was insufficient consultation about its actions, while Melissa Donnelly from the Community & Public Sector Union says that country areas could be especially impacted by the redundancies. She says it is hard to imagine that the job losses will not result in a drop in the quality of Telstra’s customer service.

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, COMMUNITY AND PUBLIC SECTOR UNION, NBN CO LIMITED

Journalist cuts ‘will help drive Fairfax profits’

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Original article by Scott Murdoch
The Australian – Page: 4 : 5-May-17

Fairfax Media CEO Greg Hywood says back-office functions rather the editorial department have borne the brunt of its cost-cutting over the last five years. Hywood also says the latest round of redundancies will be the last, and he argues that Fairfax’s newspapers must be both profitable and sustainable in the long-term. Fairfax journalists hope that shareholders and advertisers will support their seven-day strike in response to the latest downsizing, which will result in the loss of 125 newsroom jobs.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIA. FAIR WORK COMMISSION

Fairfax journos strike as one in four jobs cut

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Original article by Stephen Brook, Mitchell Bingemann, Brad Norington
The Australian – Page: 6 : 4-May-17

A Fairfax Media spokesman says the print and digital editions of "The Age" and "The Sydney Morning Herald" will continue to be produced during industrial action. Fairfax journalists have commenced a seven-day strike in response to Fairfax’s measures to reduce costs by an additional $A30m. This will include a downsizing of its newsroom staff, initially via voluntary redundancies. Some 125 jobs will be cut, which equates to about 25 per cent of Fairfax’s journalists.

CORPORATES
FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIA. FAIR WORK COMMISSION, NATIONAL PRESS CLUB (AUSTRALIA), NEW SOUTH WALES. DEPT OF PREMIER AND CABINET, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Jobs to go at NAB as banks face cost squeeze

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Original article by Richard Gluyas
The Australian – Page: 19 : 20-Apr-17

Australian banks are continuing to downsize their workforces amid rising costs, falling net interest margins and new capital requirements. The ANZ Bank has advised that it shed 35 IT jobs in early 2017, while National Australia Bank recently told staff that it intends to cut about 500 jobs. However, NAB will create 400 new jobs, with some displaced staff likely to be redeployed. There was a 2.4 per cent reduction in full-time staff in Australia’s banking industry in 2015-16.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

News to cut jobs in $40m cost saving

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Original article by Max Mason
The Australian Financial Review – Page: 14 : 12-Apr-17

News Corp Australia has revealed plans for its third round of redundancies in less than two years. The staff cuts are expected to result in a significant reduction in the number of photographers at some metropolitan mastheads, while some journalists are also likely to be retrenched. News Corp is expected to rely more on the use of freelance photographers and wire agencies as it seeks to reduce costs by $A40m. Fairfax Media recently announced plans to reduce costs by $A30m.

CORPORATES
NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN ASSOCIATED PRESS PTY LTD, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, FOXTEL MANAGEMENT PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN

Guthrie wields the axe at ABC

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Original article by Darren Davidson, Stephen Brook
The Australian – Page: 1 & 8 : 8-Mar-17

The ABC will streamline its management structure and retrench up to 200 employees in plans that were unveiled by MD Michelle Guthrie on 7 March 2017. The number of divisions within the public broadcaster will be reduced from 14 to just eight, while the ABC intends to hire up to 80 employees in rural areas in a push to increase its national reach. Guthrie has also signalled that staff will be more accountable, while the costs savings will be invested in content.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION, COMMUNITY AND PUBLIC SECTOR UNION, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NATIONAL PARTY OF AUSTRALIA

Rio Tinto moves jobs to Singapore

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Original article by Tess Ingram, Matthew Stevens
The Australian Financial Review – Page: 23 : 3-Nov-16

Rio Tinto plans to shift more non-operational roles from Australia to Singapore, as part of a strategy to streamline its global organisational structure. The resources giant plans to centralise roles such as market analysis and economics in Singapore, where it currently boasts about 300 employees. Rio Tinto has also relocated a number of marketing roles in Perth to Singapore during 2016.

CORPORATES
RIO TINTO LIMITED – ASX RIO