MLC slashes 120 jobs
National Australia Bank’s wealth management arm MLC has cut 120 jobs, with the cuts expected to affect staff throughout the insurance and financial planning company.
A company spokesman told insuranceNEWS.com.au that after undertaking a review of its resources in light of the recent market downturn, MLC has decided to “remove some roles from the business to ensure it is operating as efficiently as possible”.
The latest official employment figures show the finance and insurance sectors have been the hardest hit of all industries, with 22,500 jobs – or 5.5% of all jobs – lost in the past quarter.
The two sectors employ 380,000 people across the country but they have been shaken up by job cuts from both local and international finance conglomerates.
MLC employs about 3900 people. A spokesman said the company wants to redeploy many of the laid-off people into other roles within the organisation.
A company spokesman told insuranceNEWS.com.au that after undertaking a review of its resources in light of the recent market downturn, MLC has decided to “remove some roles from the business to ensure it is operating as efficiently as possible”.
The latest official employment figures show the finance and insurance sectors have been the hardest hit of all industries, with 22,500 jobs – or 5.5% of all jobs – lost in the past quarter.
The two sectors employ 380,000 people across the country but they have been shaken up by job cuts from both local and international finance conglomerates.
MLC employs about 3900 people. A spokesman said the company wants to redeploy many of the laid-off people into other roles within the organisation.