Aussie banks shed jobs as increased competition, regulation eat into profits
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 half yearly periods to reduce costs as increased competition and regulation eat into profitability. The job cuts are the most since the lenders shed 3,300 roles in the second half of 2012, according to regulatory filings.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say