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Banks collect big profits & plan big job cuts

10/01/2012

The big banks plan to slash thousands of jobs in 2012. Westpac, the Commonwealth Bank and ANZ have all drawn up plans to cut expenses.

Commonwealth Bank has started an internal program, hoping to achieve a 35 per cent cost-to-income ratio for its retail banking unit by 2013 - down from 38.7 per cent. Analysts say this will result in axing more than 600 jobs.

Westpac chief executive Gail Kelly has said staff numbers are likely to “trend downward.”

Sources at ANZ say the bank has started work on a new redundancy program which targets up to 1000 jobs - just four years after 1000 jobs were lost in a similar 2008 restructure.

Commonwealth Bank announced a $6.4 billion record profit in August, Westpac posted a $7 billion record profit in November and ANZ reported a record $5.36 billion record profit in November.

Source: The Australian



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