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Further job cuts are expected to hit the banking and finance sector before Christmas as the industry attempts to adjust to the financial crisis.
According to The Australian Financial Review AMP is set to sack more than 200 employees next week while Macquarie Group is reportedly planning to cut its workforce by 10 to 15 per cent.
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The news follows confirmation from Citibank last month that around 100 jobs would be lost at its Sydney office as part of a global 50,000 job cull.
ANZ has also confirmed it is reducing its “middle-management” numbers, though it told Mortgage Business this would not be in excess of 10 per cent of its workforce as reported in mainstream press.
