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Commonwealth bank to axe 200 jobs unionise: MP

THE ACTUAL numbers could be as many as 300 redundancies in Victoria's financial services industry, following a meeting of senior managers who voted to axe the jobs as part of a major overhaul of the sector.

In a surprise move, the Bank of England last week told the Royal Australian and New Zealand Banking Group to slash 200 jobs as part of a reorganisation plan dubbed Project 2020.

The majority of the 175 jobs — 120 from the state's two top banks — will move to London's Royal Bank of Scotland, while around 30 others will be relocated to the capital's newly merged Bank of New Zealand.

media_camera Govt's job cuts will affect Victoria's banking sector. Picture: Getty Images

In a written statement the Bank of England 바카라 announced all banks would be told in December to cut their workforce by 6 per cent by 2018.

The impact of the planned job cuts will become clearer by March, the bank said, when the annual financial stress tests — called stress tests in the banking industry — will be released.

"The stress tests will allow the regulator to measure any additional redundancies across the Australian, New Zealand and UK banking systems," the statement said.

"We will provide updates and information to investors and customers."

Victoria is struggling to cope with its massive debt and a large number of the jobs will be relocated.

Mr Turnbull said the banks had to consider the impact on their customers.

"I would be surprised if all the jobs did not come into Victoria," he said. "And I can tell you from discussions with the chief executives that when they have to move the most staff, those jobs, they're not all moved in the same order."

Some of the affected banks said the jobs were too risky.

"They're going to lose their ability to provide liquidity to our capital markets," RBA chief economist Stuart Grice said.

Mr Turnbull said the change of position would help create more stability, and it was vital that the banks continued to provide good value.

"It will result in people being able to pay the same rates on a mortgage and a loan and they should be able to hold that money long term rather than short term and potentially invest it in the growth and prosperity of Victoria," he said.

Victoria's treasurer, Joe Hockey, told news.com.au there would be some "challenges" and there were not enough staff for the new roles, but that he had faith in the sector and the economy and there was no "burden to the financial system" that was causing problems.

A source with knowledge of the negotiations said a decision about the jobs needed to be made in the next six months