As more and more Australian banks and accounting firms announce plans for job cuts, the Finance Sector Union has warned that the four largest banks may be poised to send as many as 1,000 finance sector jobs overseas to India and elsewhere in an effort to cut labour costs, according to a report by the Australian Financial Review.
Australia and New Zealand Banking Group (ANZ), Westpac Banking Corp and Ernst & Young's Australia office all this week announced job cuts, with more expected.
“A whole raft of the jobs will disappear but a number of the jobs will be sent overseas,” FSU national secretary Leon Carter said, according to the AFR.
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