Openings for Australian Finance Jobs Dipped 21 Percent Last Quarter
With a number of banks cutting thousands of finance jobs across the country, Australia saw a 21 percent decline in new job openings in the sector during the fourth quarter, according to a recent survey.
The study, which was conducted by eFinancialCareers, suggested that the sharpest hits were seen at the country's big-four banks, which include National Australia Bank, Commonwealth Bank, Wespac and Australia and New Zealand Banking Group.
The disappointing figures for Australia compared negatively to Asia's financial job outlook, as Singapore gained 21 percent and Hong Kong increased its financial services openings by 11 percent during the quarter, MarketWatch reports.
"While we are currently witnessing large banks slashing jobs, there are pockets of hiring in a number of important job sectors driven by increased global regulation, impending tighter risk controls and a more competitive environment," George McFerran, head of Asia Pacific at eFinancialCareers, said in a statement.
The figures were released just days after Australia and New Zealand Banking Group announced plans to axe approximately 1,000 domestic jobs, or approximately 4 percent of its local workforce, according to The Wall Street Journal.