The financial services jobs market continues to struggle as the sector loses almost 1000 jobs a month to more cost effective offshore hubs, such as Asia and New Zealand.
Combined, the big four banks have about 20,000 full-time overseas roles supporting areas such as technology, mortgage processing and call centres, according to The Fin.
One industry consultant estimates these jobs have risen 10- 20% for ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp over the past four years.
The Financial Review reported the average processing job in the Philippines costs $50,000 cheaper compared to the Australian counterpart.
“It’s been a really troubled area for a couple of years now, said Nina Mapson Bone, Chandler McLeod’s general manager of NSW recruitment.
There’s been offshoring, cost- cutting and ongoing redundancies in support roles.”
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