Data from PricewaterhouseCoopers shows that Australia’s four largest banks shed 4,009 employees during the last 12 months. This includes the loss of 2,904 full-time positions since March, although Westpac has hired an additional 603 staff in the last six months. Operating costs for the “big four” fell by 2.9 per cent in the second half, but they rose by 5.4 per cent over the year. Ernst & Young notes that the banks’ costs are still “stubbornly” high, and cautions that there is limited scope for further staff cutbacks.
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