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Reports are suggesting that Australian banking major Westpac is embarking on a cost cutting program and is likely to announce cuts to its head count as soon as today.

According to the Sydney Morning Herald, Westpac is set to announce the cuts on Thursday afternoon, though the number of people that are affected is still not known, though other sources are speculating that the cuts could number in the hundreds.

“We’re conducting consultations to a number of our employees around changes to our staff,” said a spokeswoman for the bank.

According to a report by ABC TV the job cuts are likely to number in their hundreds, following the lenders review of a number of management roles in the IT department of the Westpac itself, and its subsidiary BT Financial Group.

The SMH also suggests that the lender will cut jobs in its business equipment financing unit, with those jobs being sent overseas.

Westpac began pruning its headcount at the end of 2011, sending 200 back office jobs overseas. Earli

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You have the dreaded double whammy on your credit reports—a charge-off and collection for the same old debt.  But how did this happen?

Frankly, the whole process can be quite confusing to most consumers, which is why I’ve done my best to break it down into the following six simple steps.  While your situation might be a little bit different, my experience has been that 90% of the time this is exactly how it all plays out.

1. The original creditor charged off your credit card account because you stopped paying and they considered it a business loss.  They report it as a charge-off to the major credit reporting agencies.
2. The original creditor decides to make a few bucks on your uncollectible debt so they sell it to a collection agency that specializes in buying charged-off debt. Note t

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Constant turnover at the top can be distressing, but is it problematic enough to turn down a job? In FINS’ informal Sign or Decline survey, 36% of 691 respondents said they’d turn down their dream job if their new manager had been replaced three times.

While low turnover rates have historically been championed as an indicator of great management and company culture, some experts say that turnover rates don’t mean what they once did.

Working under a manager in a high-turnover role could be an advantage, says Roy Cohen, a career coach in New York City and author of The Wall Street Professional’s Survival Guide.

“If you come in in a more junior capacity, below management level, it offers you the opportunity to figure things out without the pressures of being a manager,” says Cohen.

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According to the assistant governor of the Australian central bank, the big four lenders in the country are no longer depending so heavily on wholesale funding markets for their needs, and have chosen instead to raise their finance using the more traditional method of retail deposits since.

Guy Debelle RBA Assistant Governor says that the major lenders have experienced an annual 11 per cent growth rate in their retail deposits, which is in excess of the growth in credit, which has remained flat at 5 per cent.

Mr. Debelle did warn the lenders not to rely exclusively on one source of funding and have a diversity of sources.

Mr.

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