The finance sector, like other industries, is not immune to lay-offs as it goes through change.
For bankers used to high salaries, who possess a specific skill-set, getting a job in another industry could prove difficult.
Executive recruitment specialist Kevin Wallis, speaking to the Australian Financial Review about executive unemployment, said this:
“It also takes a very game employer to take on mid-level executives from one of the big four banks in a role in a different industry that’s totally culturally so different; you’re moving them from George Street [in the city centre] to Silverwater [in the western suburbs],” he said.
“And it’s the number of them. Not only is it so hard to get roles but there’s so much competition.”
“You also have quite a few kids who aren’t going back to private schools the next term because their parents reach the point [where] they have been out of work for so long and they’re not sure where they’ll find work.”
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