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Financial jobs go as GFC ripples reach Australia

Financial jobs go as GFC ripples reach Australia

15 Jun 2013 | The Australian Financial Review

Bankers, stockbrokers and other financial services professionals are losing their jobs left, right and centre. For those lucky enough to hang on and remain employed, the pay is lower, bonuses harder to come by, perks are gone and the work is less rewarding. In Australia, it’s not the sudden bursting of the employment bubble that happened in the United States, Britain and Europe when the global financial crisis struck in 2008 and millions lost their jobs almost instantly. Rather, it’s the gradual and ongoing cost-cutting that is hitting the corner of almost every financial services office in Australia.

Mohit Sharma, a Director of outsourcing advisory firm Mindfields, said offshoring has evolved to “right-shoring” for financial institutions. “In the pre-GFC era right-shoring was driven to rationalise the cost base, compared to post-GFC era drivers which are focused on generating more revenues.Now in the post-GFC era, processes which are offshored are customer analytics, social media monitoring, analytics, fraud analytics and modelling,” he said.

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