Action and reaction, more pain to follow job losses
(6 February 2012 – Australia) Bank workers losing their jobs will face a further blow as it comes to light their redundancies will make a considerable contribution towards maintaining or increasing bonuses paid to their bosses.
It isn’t just Australia that saw the banking industry soar to incredible heights over the past few decades – only to see across-the-board tightening.
The pain and stress of individuals losing their jobs is an overall story of outsourcing and downsizing, something every industry has seen throughout cycles.
Australian banking remains wonderfully strong as it adjusts to slower growth, not to outright contraction.
After riding a high wave over 20-years that started in the early 1990s the time to contract has started, international banking rules are tightening to avoid a global catastrophe. It doesn’t help those who have lost their jobs right now but the rise in labour needed throughout this time was never sustainable.
This year, it is expected the Big Four will keep their large profit margins and the big bosses will keep their large bonuses and hopefully the country will keep afloat and independent from the huge collapse that could happen in the eurozone any time now.
The pain and stress of individuals losing their jobs is an overall story of outsourcing and downsizing, something every industry has seen throughout cycles.
Australian banking remains wonderfully strong as it adjusts to slower growth, not to outright contraction.
After riding a high wave over 20-years that started in the early 1990s the time to contract has started, international banking rules are tightening to avoid a global catastrophe. It doesn’t help those who have lost their jobs right now but the rise in labour needed throughout this time was never sustainable.
This year, it is expected the Big Four will keep their large profit margins and the big bosses will keep their large bonuses and hopefully the country will keep afloat and independent from the huge collapse that could happen in the eurozone any time now.
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