With Westpac Banking Corporation (ASX:WBC) cutting a thousand jobs and the other big banks expected to follow, a new report by investment bank UBS is looking credible.
The report suggests the country’s largest banks may be forced to slash jobs, hold wages and cut pay because of a slowdown in business and consumer credit demand. That’s according to The Australian.
UBS found that average salaries at Australian banks were mostly higher than the rest of the world, making cuts likely.
For the half year ended March 31, 2011, Westpac generated a net profit of $3.9 billion.
