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Banks under pressure to follow CBA’s lead, pause ‘greedy’ branch closures

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Article image for Banks under pressure to follow CBA’s lead, pause ‘greedy’ branch closures

The pressure is on for banks to freeze branch closures across the country as a parliamentary inquiry is held. 

More than 80 branch closures have been announced across the country since September last year, with Westpac preparing to shut down 20.

While CommBank has already made the commitment, Finance Sector Union national secretary Julia Angrisano told Ray Hadley there’s been no word from the other bosses of the Big Four.

“It’s pretty hard for the Commonwealth Bank, knowing there was this big profit around the corner, to maintain their position on branch closures.

“The banks are all, as you said, going to be raking in billions of dollars this year. Rising interest rates have helped their profit bonanza.”

Ms Angrisano said with the strain of nine cash rate hikes and cost of living pressures, local branches are vital to the community.

“Those people, the customers in the local communities are going to need help with their finances and their mortgages.”

 

Image: Brendon Thorne/Getty Images

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