News

ANZ has already announced the loss of 133 jobs, with around 600 to 700 expected to be cut or off-shored over the next 6 months, according to the FSU. At the same time, despite the business climate for the finance sector in 2011, ANZ recorded a record profit of $5.3 billion, a rise of 19% off of 2010’s profit. Suncorp has announced that 187 jobs will be off-shored, the FSU reported. WBC, or Westpac, has off-shored 28 IT jobs with speculation of many more to come. Morgan Stanley, Deutsche Bank and RBS have been simultaneously cutting their Australian staff in restructuring efforts. These cuts come from pressure from share market analysts to maintain their record profits, despite their proven profitability. In combination the 4 major banks earned a record $25 billion in profit. The other major banks are expected to follow suit in the cuts.