| Fallout from the subprime mortgage crisis in the US has spread to the Australian jobs market, prompting the banking and financial services sectors to cut back on recruiting, new figures show.
The banking and financial services sectors experienced substantial declines in the number of jobs advertised according to the Olivier Internet Job Index, which the recruiting company Olivier Group said was a direct result of the subprime issue. The index, which was released yesterday, showed ads on the internet for banking jobs fell by 10.5 per cent in September, while ads for financial services positions were down 4.27 per cent.
"Banks are getting more cautious, and you can add to that the RAMS Home Loans situation," a Oliver Group director, Robert Olivier, said.
The Olivier jobs index showed retail banking and mortgage lending jobs, included as part of the banking sector results, fell by 11 per cent in the month.
Investment banking and corporate finance job advertisements - which are included in the financial services sector results - fell by 9 per cent, while ads for accounting jobs, also part of the financial services sector, fell by 4.32 per cent.
This may be a flow-on from the banking sector's woes, as big-ticket transactions slow down, Mr Olivier said.
"A credit squeeze could have a further knock-on effect on jobs generally," he said. |
