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Over 22,000 finance jobs cut last quarter

Staff Reporter 1 minute read

The finance sector posted a sharp decline in jobs over the past quarter as the impact of the global financial crisis was realised.

According to today’s The Sydney Morning Herald the finance sector, which includes those employed in the insurance industry, posted a drop of 5.5 per cent, or 22,500 jobs, over the quarter.

Workers employed in international banking houses accounted for the majority of job cuts.

The finance and insurance sector account for approximately seven per cent of Sydney’s total workforce and 380,000 jobs Australia-wide.

 

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