A couple more examples of the upside-down world we live in where everything revolves around money reared their ugly heads last week. One story that caught my eye was about how cash-strapped retailer Sears plans to close 59 stores and lay off 2,900 workers and said ex-employees won’t be receiving any severance pay through a court supervised restructuring process. However, at the same time, senior executives at Sears head office in Toronto will split over $7 ½ million in bonuses that the company says is necessary to keep key employees during the restructuring.
The little fish are tossed onto shore out of the pond while the biggest fish whose jobs are safe and who chose which little fish were to go get to stay and with more fish food for themselves. The other story was about how 20 rural Saskatchewan branches from three of our biggest banks are closing down this year leaving some folks who aren’t computer literate having to drive many kilometres to do their banking. The Canadian Banker’s Association says there’s a trend away from bricks and mortar banking and online banking is now the most common form of banking in Canada. One bank spokesperson said “These decisions are made after careful consideration of how we can best serve our clients in the market”. Yeah, right. The big banks are all about money and profit, the spokesperson’s bank alone reported over $3 Billion in profit in this year’s first quarter, and the quest for evermore of the same is aided by cutting expenses regardless of the negative effect on customer service.