A spokesperson for the beleaguered financial institution told ZDNet Australia that of the 220 IT staff who are set to lose their jobs, around 90 are contractors. The bulk of the retrenched staff will be from the Australian Financial Services Business Unit, said the spokesperson.
Beyond that, the spokesperson could not give a breakdown on the particular areas most likely to be affected by the layoffs. A total of 550 roles are expected to be cut from the Australian Financial Services Business Unit, resulting in a AU$30 million redundancy cost. The changes are expected to reduce the cost base of the unit by 10 percent, or AU$60 million in 2003.
The spokesperson described the layoffs as a "tough decision", and said, "It's all tied in with the business review."
