Australian Banks Continue To Shed Staff

Post by Sharat on July 20, 2009 · Under Australian Economy, Business News, banking · Comment 

In a bid to cut costs and increase efficiency Australian banks are looking at cutting jobs and reducing the size of their workforce.

Regional lender Suncorp Metway says it intends to cut up to 250 jobs, whilst rival Bendigo & Adelaide Bank is encouraging its workers to consider taking unpaid leave, whilst Australian banking major National Australia Bank (NAB) has refused to rule out the closure of more of its branch network.

Despite having one of the most robust banking systems in the world, Australian banks continue to cut their costs and rein in expenses.

Last financial year regional lender Suncorp axed 700 positions and last week announced its intention to cut a further 250 more jobs, 50 of which would be management positions.

Rival regional lender Bendigo and Adelaide Bank last week also revealed that it had asked its 4000 strong staff to take unpaid leave of up to 10 days in a bid to reduce costs amid the economic slowdown.

Australian banking major NAB which is in the process of closing down 35 branches refused to rule out the closure of more of its branches. NAB has doubled its ATM network as part of NAB chief executive Cameron Clyne’s plan to refocus on its core retail banking business.

Almost 10,000 jobs have been eliminated from the financial services sector since October when the global banking crisis reached its zenith, and more cuts are expected as Westpac and St George merge their IT and back office operations as part of the Westpac acquisition of St George.

A recent report in the Melbourne Herald Sun suggested that as many as 250 ANZ employees would have to reapply for new positions within the organization after the lender revealed plans to restructure its mortgage processing operations.

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