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Bankers coming home

Bankers coming home

(3 June 2008 – Australia) Bankers are looking at Australia’s buoyant economy as the best market to work in the current economic environment. Bankers facing lay-offs from the big banks in the USA and Europe due to the credit crunch are being tempted to Australia, led by expatriates returning home.

According to international placement firm Link Recruitment, about 34,000 Australian nationals have come home from Britain in the past 12 months. This is the highest number ever registered.

Jason Cartwright, general manager of global services at Link Recruitment said that it's across all industry sectors, but the largest is in banking and financial firms.

Due in part to a commodities boom, Australia has seen a total of $59.6 billion in mergers so far this year, the world's fourth-largest M&A market, according to Thomson Reuters data.

Interest has increased from foreigners looking to head to Australia. Cartwright said just more than half of job applications he received came from foreigners outside Australia, up from around 35 percent just a year ago.

The bulk of the arrivals were from India, New Zealand, the UK, the Philippines and South Africa.

Australians are also remaining in Australia for work. According to Link Recruitment there was a 14 percent decline, in the first quarter of 2008, in the number of Australians heading to London for work.
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