Chris Zappone February 8, 2012
The axe is swinging again in the finance sector, with the bank workers' union claiming that Suncorp is set to send 65 jobs offshore.
The Finance Sector Union (FSU) said the Brisbane-based firm send 65 jobs to India, in addition to the 203 positions already sent offshore in the past six months.
“The Australian finance sector is in the midst of an offshoring epidemic,” said FSU national secretary Leon Carter. “At this rate, employment opportunities for the next generation of finance workers will be severely limited.”
The latest job eliminations come after Westpac confirmed in January that 560 jobs would be either eliminated or sent offshore in the next two months. Earlier, ANZ confirmed it would cut jobs, with expectations running as high as 1000 positions this year. UK-based bank Royal Bank of Scotland is also selling its Australian-based equities and banking team, putting nearly 200 jobs at risk.
The pace of mortgage borrowing dropped considerably over the course of 2011 compared to previous years, putting bank profits under pressure both in Australia and overseas.
Suncorp said that the FSU numbers did not take into account redeployment or rehiring opportunties for the affected workers.
"We expect that the net number of roles impacted will likely be around 40," a Suncorp spokeswomen said.
Suncorp shares jumped 28 cents, or 3.4 per cent, to $8.46 in afternoon trade, outperforming a 0.2 per cent rise in the broader market.