BNZ staff dodge immediate cuts

Bank of New Zealand's 5300 employees were not subject to anticipated job cuts yesterday, but losses could still be in the offing.

Speculation of widespread job losses in a strategy statement by parent National Australia Bank (NAB) proved unfounded. The only reference to the New Zealand business in the statement was that BNZ chief executive Andrew Thorburn will also have an oversight role for NAB's Asia and United States business.

Wholesale job losses were expected in the strategic update, according to Australian media reports.

Diane Maxwell, BNZ's external relations manager, said the impact on New Zealand from the strategy update was minimal. The bank has been separately looking at how it could make the New Zealand business more efficient, and at any duplication of work.

"We will be looking at job losses but they are not related to today."

Finance sector union Finsec had been informed.

- NZPA