Banks lay off jobs unhelpful - more fraud, compromised service,

Rarely do we see long queues forming at tellers of banks at the beginning of the year. The more likely explanation is that staff are still on holidays as the move by financial institutions mulling axeing staff would presumably not affect frontline staff, at least for one of the big five ANZ. The only good thing that will emerge is retained staff will be less idle and strive to improve productivity and services to protect their jobs. However, it could also mean that many will be overworked and deliver less than impeccable services than before.

http://au.ibtimes.com/articles/283306/20120118/anz-bank-frontline-staff-spared-job-cuts.htm

A serious concern is that bank fraud would not be easily and quickly addressed with inadequate staff scrutiny of irregularities in transactions. Not surprisingly, ANZ staff  have warned of possible increase in fraud activities especially for online banking.

http://sale.yourguide.com.au/news/national/national/general/anz-staff-warn-of-increase-in-fraud/2425255.aspx

This certainly does not seem like a move to keep banking business afloat. Far from struggling, banks have been and are still doing very well in the current gloomy economic climate as financial services are most essential  whether in boom or doom times. Banks are in the business for profits and want to ensure that the bottomline is maintained and the whopping profits don't fall too much to pay its executives and shareholders.

Money is never enough even for the rich? Some wealthy are ironically insecure despite having financial resources to secure a good life. Existential insecurity is not unique to any one social status, operating environment or culture.  Materially rich but spiritually empty? This is a huge topic that deserves dedicating a whole chapter or article discussing it in depth.

http://www.tc.umn.edu/~parkx032/XP267.html

http://www.guardian.co.uk/politics/2011/may/30/michael-white-political-briefing-class-war

http://china.org.cn/english/Life/175341.htm

What about the middle class saddled with mortgages and young school going children? Worse off are middle aged who have lost their jobs through retrenchment

To be sure (but not reassured) this is a global phenomenon. Even in growing developing countries, financial institutions are cutting staff big time.

http://www.bankingonly.com/detail-news.php?news_id=1138