PHOTO: JPMorgan thinks property prices will largely determine whether the main impact from the probe is felt through banks and financial stability, or via the more likely outcome of a consumption hit. AFP

AUSTRALIA’S banking probe could see job cuts in the finance and real estate sectors equivalent to losses during the 2008 global financial crisis, according to JPMorgan Chase & Co.

JPMorgan analysts led by Sally Auld see three main channels for the Royal Commission to exert influence on the Australian economy: tighter lending standards and slower credit growth; wealth effects through housing; and industry restructuring.


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