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New Zealand banks' personnel expenses rose 9% last year to more than $3.2 billion as they added more than 600 staff

New Zealand banks' personnel expenses rose 9% last year to more than $3.2 billion as they added more than 600 staff

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5 Comments

An increase of 9% to $3.2b is an increase of $264m. Over 600 staff that's an average of $440k per employee. Assuming they weren't all hired on day 1 of the financial year so that average probably goes up a fair bit. Sounds like a good wicket.

Not all of that 9% increase in personnel costs ($264m) would've gone straight to new staff salaries.

Our banks evidently had a profitable year and may have awarded generous bonus and pay hikes to a portion of its existing staff (management, sales & broking, treasury, etc.). These expenses are recorded as personnel costs as well.

Quite right, cheers

I'm not suprised, there is a housing boom in progress so they probably need more frontline staff until the housing market cools.

This OZ banks cartel, is where the NZ economic jugular vein is held hostage. Whatever RBNZ & NZ govt do today and in the past, as well into the future? are all dictated/lobbied from this point. The house never loose.
They're there to suck up the goods, until nothing left - by then, it's their natural decision to leave.