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ANZ Bank is slashing 3500 jobs over the next year as part of a sweeping cost-cutting plan from new chief executive Nuno Matos, who says the cuts will cut duplication and boost the bank’s financial performance.
The big four bank on Tuesday said the affected employees would leave by September next year, and on top of this, it would also reduce the use of consultants and third parties, affecting a further 1000 jobs.
ANZ Bank is axing 3500 jobs and will also cut its use of consultants, affecting a further 1000 jobs.Credit: Will Willitts
ANZ, which has been going through a period of major change since Matos took the reins in May, said the cuts were aimed at simplifying the bank and focusing on its key priorities.
The lender is taking a $560 million pre-tax charge in its first-half results to pay for the redundancies, and maintained there would be limited impact on customer-facing roles.
“We are operating in a rapidly evolving and highly competitive banking environment,” Matos said.
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“As we continue our strategic review, we are eliminating duplication and complexity, stopping work that doesn’t support our priorities and sharpening our focus on improving our non-financial risk management practices across the bank.”
ANZ has about 43,000 staff members globally, and a spokesman said the cuts would mainly affect Australia.
More to come.
