Australia Bank Probe Could Cut 8% of Finance Jobs, JPMorgan Says
Buildings in the financial district stand illuminated at night in Sydney.
Photographer: Cole Bennetts/BloombergThis article is for subscribers only.
Australia’s banking probe could see job cuts in the finance and real estate sectors equivalent to losses during the 2008 global financial crisis, according to JPMorgan Chase & Co.
JPMorgan analysts led by Sally Auld see three main channels for the Royal Commission to exert influence on the Australian economy: tighter lending standards and slower credit growth; wealth effects through housing; and industry restructuring.