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Are the best bankers out of work?

As banks in Australia continue to cut jobs, are top-performers now entering the ranks of the unemployed?

When firms first made large-scale layoffs in Q3 2008 they could at least concentrate on ditching their deadwood.

But as some banks enter their third or fourth round of redundancies, are they now being forced to axe quality staff? Have they run out of under-performers to let go?

And ironically, the good bankers being laid off at the moment face a worse job market than those culled back in the first round, making it harder for them to find work. Getting chopped earlier on could be beneficial to your career. Where’s the justice in that?

Let us know your thoughs below.

Comments (6)

  1. Many of the underperformers who lost their jobs last year did manage to get new work. Today’s victims have it tough!

  2. Tough luck. If the so called “performers” were so good and so smart, then why didn’t they move to more secure positions when the pickings were meant to be so much better? Stop your winging and get on with it.

  3. Redundnacies are not about letting go your underperformers, that is what performance management and firing is for. Redundancies are happening due to the financial climate and roles that are being made redundant relate to areas of the businesses that have slowed down.

  4. i agree, we “let go” another batch in Jan and i dont know of anyone already working again (in Singapore). I’d be preparing for a 12 month hiatus at the moment.

  5. Ok,so some corporates need to manage the head count but to my thinking now ( or soon) is a great time for strategic planning for the next upturn and position the right resources accordingly…… those that can strategically invest should be doing so…..the best people out there will be picked up…

  6. The question makes it sounds like HR and Senior Mgt have a disciplined process of restructuring the bank with the best people in the optimal number of roles. Well, they don’t! This is about cutting head count asap and trying to ride out this financial storm. Head count means simply that. You are only a head – a number in a spreadsheet – and they just dont care how could you are as the wonderful vision you have of your self worth in your head does not appear in their crappy accountants/HR spreadsheet.

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