Hawke's Bay Property Investors' Association

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25-08-2008

Slump hits loan staff

NZHERALD

The Bank of New Zealand is proposing to make more than half its mobile mortgage managers redundant in the face of the continuing property slump.

A source told the Herald on Sunday bank bosses were proposing to cut the team from 52 to 22 as part of a drive to "increase efficiency".

Affected staff had been offered counselling and the chance to provide feedback.

Those made redundant could apply for other jobs, including a new business development manager role. The source said that would effectively be a demotion for affected staff.

BNZ retail banking general manager Chris Bayliss said the proposed changes were a reaction to the need to restructure retail banking, with customers wanting a "one-stop shop approach".

Bayliss said the proposal was to have home loan experts (mobile managers) working alongside mobile staff with general banking skills (business development managers).

The new role would "largely offset" the redundancies but Bayliss could not confirm how many positions would be offered.

Massey University banking expert David Tripe said the move was probably a reflection of the slowdown in home loans caused by the downturn in the property market.

Finance workers union Finsec described the redundancies as short-sighted and reactionary.

Spokesman Andrew Campbell said BNZ had last year reduced administration support for mobile mortgage managers.

"Our key concern is that the BNZ appears to be moving away from offering dedicated support in relation to a major financial decision for customers - getting a mortgage."

 

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