Australia & New Zealand Banking Group , is going to cut 900 jobs are the Australian real estate market slumps. Financial Jobs are facing a carnage with banks cutting down left , right and centre .ANZ which is one of the 4 largest banks in Australia joins its couterparts around the world in sharply cutting banker jobs as the global slowdown bits the financial industry. Note the outlook in the Financial Industry is that of a Depression even as the world economy faces some hiccups from the European Debt Crisis . Real Estate Markets have been distorted globally by bad regulation , low interest rates etc. While China is seeing the first signs of a troubled real estate market, USA has been feeling the effects since the last 3-4 years. Australia has also joined in with the popping of the real estate bubble. Alongwith construction and real estate companies , financial companies who make the real estate mortgages are the worst hit in general.
The finacial job meltdown continues around the world with Bank of America which made disastrous acquisitions and is currently a trillion dollar basketcase ready to cut more divsions and jobs if financial conditiosn worsen. Bofa has already cut thousands of jobs to repair its joke of a balance sheet. Its facing numerous billion dollar settlements due to Coutrywide which made a thousands of illegal housing loans.
Australia & New Zealand Banking Group Ltd. is preparing to cut as many as 900 jobs, according to a union that represents bank workers, as the lender trims costs in an economy where demand for mortgages has slumped to the weakest pace in three decades.Carter said some ANZ Bank staff reductions “will be jobs that disappear, others will be the continuation of their offshoring of Australian jobs.” He said most cuts, which may total between 500 and 900, will be made in the first half of the year.
Google+BofA Chief Executive Brian Moynihan submitted a list to Fed officials in the middle of last year which listed the possible geographic cutback, the paper reported. The list also included a potential sale of a separate class of shares based on performance of Merrill Lynch & Co, the securities firm owned by Bank of America, WSJ said, citing the sources.
Bank of America, which had to be bailed out by the U.S. government during the financial crisis of 2008, has remained one of the weakest in the industry. In December, Reuters reported that the bank may be considering the sale of assets in a bid to shore up its position as it tries catch up with major U.S. competitors in complying with new capital rules
