ANZ Bank in Australia to Cut 170 Business Banking Jobs, According to Union

ANZ Plans to Cut 170 Jobs from Commercial Banking Operations Amidst Industry Automation Efforts

The Finance Sector Union reported on Tuesday that ANZ Group, Australia’s fourth-largest bank, plans to cut 170 jobs from its commercial banking operations. This move is part of the bank’s effort to automate its business and reengineer back-office operations, resulting in job cuts across the industry.

ANZ did not confirm the exact number of job cuts but stated that changes in headcount would enable them to better support customers through branches and digital platforms. They also expressed their commitment to investing in data and technology. A spokesperson for the bank mentioned that they are confident many of the affected employees will find alternative roles within the organization.

Wendy Streets, national president of the Finance Sector Union, criticized ANZ, accusing the bank of being solely focused on profits. She questioned the bank’s substantial profit of A$7 billion last year and their motivation for pushing out staff.

According to ANZ’s last annual report, the bank’s total headcount was 40,000. In the same report, the bank indicated that first-quarter group revenue was in line with the first-half revenue average for fiscal 2023, a year in which they achieved a record annual profit.

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