BNZ staff cuts explained
PA Wellington The Bank of New Zealand says it has shed about 700 jobs over the last year in a review of the bank’s running. The chief manager for New Zealand, Mr John Callam, said yesterday that it was possible more jobs could go before the reviews were completed. But he rejected associations between job-shedd-ing and a need to cut costs as the bank recovers from a loss in this financial year expected to be more than $l6O million.
Mr Callam said the reductions reflected a decline in the business of banks generally, caused by economic trends, and attempts to improve the bank’s efficiency. Staff cuts started well before recent, disclosures on the bank’s financial position. One study has been done by a management consultant firm Peat Marwick, which has been working with the bank since August.
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Press, 1 March 1989, Page 8
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141BNZ staff cuts explained Press, 1 March 1989, Page 8
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