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Aussie banks shed jobs as increased competition, regulation eat into profits

Tuesday, November 10, 2015 - 05:50
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REVERSING COURSE: After six consecutive years of record profits, Australia's largest banks are trimming staff to reduce costs.

Sydney

AFTER two years of adding jobs, Australia's largest banks are joining global competitors and trimming staff as earnings falter following six consecutive years of record profits.

The four largest lenders and Macquarie Group Ltd cut a combined 1,475 jobs in their respective