Archived News for Finance Sector Professionals - January, 2012
Swiss investment banking giant UBS has issued a warning that up to 7,000 jobs could be lost from Australia’s banking industry in the next two years.
UBS's report suggeststhat Australian banks may reduce their employee base as a cost-cutting exercise, suggesting that thousands of jobs would be lost from a number of larger banking groups, including Westpac, Bank of Queensland and ANZ Bank in response to a decreased demand for consumer and business credit.
The report also suggests that the European financial debt crisis is a major factor in a growing sense of unease and uncertainty in the Australian banking sector.