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Australia's big four banks will slash 20,000 full-time jobs throughout the year in an effort to cut costs and make way for new technology, experts predict.
NAB got the ball rolling in September when it announced it will cut its job force by 6,000 to make way for 2,000 digital jobs, paving the way for Commonwealth Bank, ANZ and Westpac, CLSA analyst Brian Johnson told the Australian Financial Review.
Rest - Mr - Johnson
'We think the rest will follow,' Mr Johnson said.
'The only lever left is costs. We are in a low-growth world and the banks have given staff above-inflation pay rises of 3 per cent across the board.'
NAB - Reduction - Cent - Work - Force
NAB's reduction equalled 12 per cent of its entire work force.
All four big banks have a total staff of 159,028.
Cent - Reduction - Board - Jobs - AFR
A 12 per cent reduction across the board would equal just under 20,000 jobs, according to the AFR.
Over the past two years, ANZ has cut 10 per cent of its employees – or 5,456 people.
Westpac - Cent - Jobs - Total - Employees
While Westpac slashed just one per cent of its jobs in 2017 to leave a total of 35,096 employees, Commonwealth Bank added 100 staff to its pay roll.
However, Commonwealth Bank did remove 150 positions in Brisbane.
September - NAB - Executive - Andrew - Thorburn
In September, NAB chief executive Andrew Thorburn - who will earn $6.7 million this year – announced that technology has forced the bank to 're-evaluate' its workforce.
'What we are not saying is that...
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