A shocking 3000 jobs have been lost in Australia’s finance industry in the first four months of the year according to the National Secretary of the Financial Services Union. Though the majority of these jobs were lost in the first six weeks of the year, with the announcement from the Australia & New Zealand Banking Group Ltd stating that they would lay off an additional 1000 throughout the rest of the year. Just last week it was announced that 230 will be laid off before the end of April.
The loss of these jobs will impact the financial services industry for several years according to analysts and could event effect the next generation of finance workers. Australian banks have announced all of these job cuts as a way to cut costs and send many of their support services off shore. There is slowing loan growth throughout the country and dwindling margins which are also having a negative effect on the banking industry. Up to 7000 jobs could go in the next two years if this continues…
Read More @ Australian Finance Industry Has Lost 3k Jobs | Kirstin in Australia.
Australia | Bankers face axe as jobs go overseas
AUSTRALIA’S banks could cull 7000 staff in the next two years as they scramble to slash costs and send more jobs overseas.
A report by one of the country’s main finance houses says the banks have hired too many staff in the past decade but that trend will reverse as they capitalise on technological advances and send more jobs to India and other lower-cost countries.
And economists say Sydney workers will be hit particularly hard, with half the businesses in Australia’s financial sector based in the city.
Pingback: ING to cut jobs more than 2,000 jobs worldwide « Job Market Monitor - November 7, 2012
Pingback: Germany – Commerzbank – Up to 6,000 jobs cut « Job Market Monitor - November 7, 2012
Pingback: Banks / Job cuts amount to near 160,000 « Job Market Monitor - November 16, 2012
Pingback: Banks need another 40,000 job cuts says Roland Berger Strategy « Job Market Monitor - November 20, 2012
Pingback: Denmark / Saxo Bank to cut 266 jobs (17,5% of workforce) « Job Market Monitor - November 27, 2012
Pingback: Spain / Bankia cuts 6,000 jobs « Job Market Monitor - November 28, 2012
Pingback: Barclays / 3,500 jobs could be cut « Job Market Monitor - November 30, 2012
Pingback: Finance / 300,000 jobs gone in the past two years, more than half a million in four years « Job Market Monitor - December 6, 2012
Pingback: Bank Layoffs to Continue « Job Market Monitor - December 26, 2012
Pingback: Barclays, Deutsche Bank / To cut pay up to 20 percent « Job Market Monitor - January 14, 2013
Pingback: UK / HSBC bank cutting 3,166 jobs | Job Market Monitor - April 23, 2013
Pingback: Banks aren’t the big jobs machines they used to be | Job Market Monitor - April 26, 2013
Pingback: RBS / 1,400 Jobs cut in UK | Job Market Monitor - May 16, 2013
Pingback: UK / Banks employment to 9yr low | Job Market Monitor - May 28, 2013
Pingback: Wall Street / Biggest Job Cuts Yet to Come ? | Job Market Monitor - July 26, 2013