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ANZ in Australia to Cut 170 Business Banking Jobs, Union Reports

ByEditor

Feb 13, 2024

ANZ Group, Australia’s fourth-largest bank, is reportedly planning to cut 170 jobs at its commercial banking operations, according to a workers’ union. This move is part of a larger trend within the Australian banking industry, which has seen a wave of job cuts as banks seek to automate their businesses and utilize technology to reengineer back-office operations.

While ANZ did not confirm the exact number of job cuts, the bank stated that these changes are intended to better support customers across branches and digital platforms. Additionally, ANZ reiterated its commitment to investing in data and technology. A bank spokesperson expressed confidence that many of the affected employees will be able to find alternative roles within the group.

The Finance Sector Union’s national president, Wendy Streets, criticized ANZ’s decision, accusing the bank of being solely focused on profits. She pointed out that ANZ reported a profit of A$7 billion last year, questioning the bank’s rationale for wanting to push staff out the door. According to ANZ’s last annual report, the bank had a total headcount of 40,000 employees.

Despite the job cuts, ANZ announced that its first-quarter group revenue was in line with the quarterly average of first-half revenue for fiscal 2023, a year in which the bank made a record annual profit. This suggests that ANZ is maintaining strong financial performance despite the changes to its workforce.

By Editor

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