Colonial is moving another 300 jobs to Sydney from the Melbourne headquarters.
Colonial is moving another 300 jobs to Sydney from the Melbourne headquarters.
The 20-strong property investment team is moving to Sydney and will come under the control of Colonial First State, while a further 290 administration jobs are also heading north.
A Colonial spokesman said the Victorian job losses were countered with the creation of 240 new jobs in the 40 new banking branches that have opened throughout Victoria during the past three years.
It is understood many of the administration staff will not take the option of relocating to Sydney due to the higher cost of living.
The relocation of all the jobs is due to be completed by the first quarter of next year. This will still leave 1500 people employed in the Collins Street headquarters.
The Melbourne base is to remain as world headquarters for the financial services group, but Sydney will be the headquarters for all Australian operations. Colonial’s stockbroking operation is to remain in Melbourne.
