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Banks put job cuts on radar

by Staff Reporter7 minute read

ANZ has dismissed rumours that it plans to lay off more than 1,000 staff.

While the bank confirmed to The Australian Financial Review that it would lay off staff in 2012 in a bid to combat the rising cost of funds and weak demand for business and home loans, the bank said the fresh round of redundancies would not top the 1,000 lost in 2008.

ANZ is not the only lender expected to cut staff this year.

Poor credit demand is forcing all of the big four to take stock of their expenses, including staff.

Data compiled by AMP found housing credit annual growth was just 5.7 per cent in 2011 – a long way from the traditional 15 per cent.

The story is much the same for business credit, with the sector expanding just 0.9 per cent in the 12 months to November 2011.

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