| "Australian Jobqueues to Flood with the Banks Homecoming"! |
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As the "EXPATRIATE bankers" are returning back to Australia in their droves this year, it would ramp up the competition for finance jobs, employment experts expect. This news made me little nervous as I was looking for a jump-start for my career in finance. The Financial services professionals in London, Dubai, New York and Hong Kong are the most likely to come back as the Australian dollar remains high and economies overseas deteriorate. There would be many candidates for jobs as a result. But, my friend who has got good deal with direct marketing firms- Blackcode Advertising assured me that these professional banks, who're returning home are laden with increased skills and considerable international experience. But, then I have to face stricter competition as there'll be too many like me to battle out for a limited number of jobs. Also, it is not so pleasant atmosphere for the other Australian banks as they are preparing to cull 7000 staff in the next two years to slash costs. Many banks had hired too many people in the past decade. So, most of these Australian banks will look to get rid of about one in every 25 workers. A boomerang effect, it should be said. Solid reductions in headcount and discretionary costs are anticipated as banks react to the lower growth environment.
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