The four major banks have cut around 3500 jobs in Australia over the first seven months of the calendar year, according to data compiled by the Finance Sector Union.Leon Carter, national secretary of the FSU, estimated that Westpac had cut 1200 positions and ANZ had cut 1000. And, he estimated job cuts at Commonwealth Bank to be in the hundreds.Carter said National Australia Bank had cut 460 jobs but was "still hiring".He estimated job cuts at Suncorp to be around 700.Banks outline most job cuts to the union, under enterprise agreements, so the union's count provides a snapshot of the progress banks have made in reducing staff numbers as they manage their costs and profit margins.Carter said the major banks were targeting a lift in their return on equity back to 20 per cent (a ratio that Commonwealth Bank said was close to at its last half-year profit, although the major bank average is around 16 per cent).In most cases, Carter said, banks were not cutting jobs in line with investment in improved processes or technologies, but rather leaving the remaining workforce to undertake the work of those that had left the bank.In some cases, banks have cut jobs in Australia and replaced those workers with staff employed overseas through third parties (for example, at Westpac) or directly employed at lower cost service centres (for example, at ANZ).Carter said the FSU estimated the level of unpaid overtime was at a "record" level.Carter said: "Our big banks are more profitable than they have ever been. They can afford to provide job security for employees. They can afford to both maintain and grow jobs."While the big banks are cutting jobs the broader employment market for those working in the financial services industry may be seeing jobs added.The Australian Bureau of Statistics estimated the number of people employed in this sector at May 2012 was 437,000 (not seasonally adjusted). This is 55,000 more than in late 2010, the low point of employment in the industry following the financial crisis.The present level of employment is also around 30,000 more than at the onset of the financial crisis.