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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

Banking
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.

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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.

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Quite right, cheers

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

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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.

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