Westpac Banking Corporation (ASX:WBC) may be setting a sector trend for job cuts.
With up to 1000 jobs expected to go over the coming three months, analysts have told media that the other big banks are likely to follow, to combat the slowing economy and subdued credit growth.
The Australian reports that the National Australia Bank (ASX:NAB) may be setting up an offshore back-office processing facility in Manilla.
Westpac reported this week that its third quarter earnings fell two per cent compared with a year earlier. CEO Gail Kelly said the operating environment over the quarter caused weaker markets and slow credit growth.
In the first half of its 2011 financial year Westpac generated a net profit of $3.9 billion.
