Speculation about big job losses in Australian banks – ANZ latest review continues to affect job security

Speculation has continued in the last week about potentially massive job losses across the Australian finance industry and about what the impact will be on jobs here in New Zealand.

On top of the thousands of jobs which could be lost as a result of the Westpac/St George merger, ANZ could lose 3000-5000 staff in Australia, about ten percent of their workforce as a result of their review of middle management jobs.

Both banks have assured Finsec that they have no plans to cut more jobs from their New Zealand workforce.

However, job security continues to be an issue at ANZ National, with announcements beginning yesterday and continuing over the next few days of potential job losses as a result of the “One ANZ Project”. It is anticipated that most jobs affected will be in middle management.

For media coverage of the potential job losses, plus Finsec’s response, see the links below:
http://www.businessday.co.nz/industries/finance_banking/4761231
http://www.radionz.co.nz/news/stories/2008/11/14/12437fac858e
http://www.newstalkzb.co.nz/newsdetail1.asp?storyID=147908
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10543560

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