Bankers face axe as jobs go overseas

Source: SMH

AUSTRALIA’S banks could cull 7000 staff in the next two years as they scramble to slash costs and send more jobs overseas.

A report by one of the country’s main finance houses says the banks have hired too many staff in the past decade but that trend will reverse as they capitalise on technological advances and send more jobs to India and other lower-cost countries.

And economists say Sydney workers will be hit particularly hard, with half the businesses in Australia’s financial sector based in the city.

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