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Naked Among CannibalsNaked Among Cannibals

What really happens inside Australian banks

by Graham Hand

Australian banks are riding high. Shareholder benefits are at record levels. Senior officials are on champagne compensations and business has never been so great.

Be that as it may, in suburbia and in the shrubbery, several branches have shut, a large number of employments have been lost and a huge number of clients are frustrated, all for the sake of saving money change.

This is the tale of one bank, the State Bank of New South Wales, and its deal to the Colonial Mutual Life Assurance Society. In any case, it is a story that is all inclusive. It is about corporate avarice in the managing an account industry, exchange estimating, interesting cash, approach making unashamedly figured to amplify benefits, theory and control, meeting room powerplays, and argumentative practices intended to hold bank clients hostage. Also, it is about the mating calls amongst banks and charges, expenses and still more charges.

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Our most exceedingly awful doubts are affirmed. We are all bare among the man-eaters that are the Australian banks.

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