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.