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ANZ is gearing up for extensive job cuts but it remains unclear how the redundancies will affect its third party business.
An ANZ spokesperson told Mortgage Business today that speculation of a 10 per cent work force reduction was inaccurate, however job cuts were inevitable.
The bank could not confirm which areas of the business would be affected and if there would be any impact on its third party division.
“What we are undertaking is a significant belt tightening exercise over the coming weeks and months - the focus is on middle management roles - but at this stage it’s not possible to be more definitive on numbers,” the spokesperson said.
“This is happening across the sector and is in part a response to the softening economic environment.”
According to the spokesperson the reduction to the workforce was part of a new structure announced by ANZ in September aimed to make the bank more customer focused.
Job cuts in the financial services sector look set across the board; The Age reported today that Macquarie Group will axe as many as 4000 employees while as many as 2000 jobs are to be lost as a result of the St George, Westpac deal.
Published: 14-11-08
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