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ANZ announces major job cuts as part of new strategy

8 minute read
Nuno Matos

The major bank will see around 3,500 employees depart the company as part of changes to simplify the bank.

As part of major reforms led by new CEO Nuno Matos, banking giant Australia and New Zealand Bank (ANZ) has unveiled changes “to better focus on priorities”, which will involve approximately 3,500 employees departing in the next 12 months, and cutting engagements with consultants and other third parties.

In a statement released this morning (Tuesday 9 September), the bank revealed it is making changes to “simplify the bank, strengthen its focus on its priorities, and deliver for its customers”.

While details of the new plans have not yet been revealed (a strategy update is scheduled for 13 October), the major bank has confirmed it involves the departure of approximately 3,500 employees by September 2026, as well as a reduction in the number of engagements with consultants.

 
 

It is not yet clear whether job losses impact the third-party teams.

This restructure will cost approximately $560 million before tax, ANZ said.

Speaking about the announced changes, ANZ chief executive Nuno Matos said that his ambition for the bank is to “be the best bank” for customers, whilst also ensuring it sustainably meets performance expectations over the long term”.

“We know this will be difficult news for some of our staff,” he said.

“While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.”

The bank pointed to its “comprehensive” support program for impacted staff, which it said includes individual support, career advice, and planning support services.

“We are operating in a rapidly evolving and highly competitive banking environment,” Matos added.

“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,”

The changes also include, he continued, ending or reviewing ANZ’s engagements with consultants and other third parties, which he said will affect circa 1,000 managed services contractors.

“While recognising our teams will change the way we structure the bank and deliver our priorities, what won’t change is the dedication of our customer-facing bankers who support our customers day in, day out,” Matos concluded.

The news follows a recent internal blunder at the banking giant, as reported by The Adviser’s sister title HR leader, in which automated emails were mistakenly sent too early, informing some staff that they were to hand bank their laptops, before they had been told they had been made redundant.

Since taking over as CEO of ANZ from Shayne Elliott in May, Matos has been working on a new strategy to simplify the bank.

According to a recent speech, this includes investment in regional hubs and offering customers access to banking services from their local Australia Post.

It is expected that the new CEO will want to streamline the bank’s 42,000 person workforce - particularly following the merger with Suncorp.

[Related: New ANZ CEO outlines key priorities]

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Annie Kane

AUTHOR

Annie Kane is the managing editor of Momentum's mortgage broking title, The Adviser.

As well as leading the editorial strategy, Annie writes news and features about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape.

She is also the host of the Elite Broker, New Broker, Mortgage & Finance Leader, Women in Finance and In Focus podcasts and The Adviser Live webcasts. 

Annie regularly emcees industry events and awards, such as the Better Business Summit, the Women in Finance Summit as well as other industry events.

Prior to joining The Adviser in 2016, Annie wrote for The Guardian Australia and had a speciality in sustainability.

She has also had her work published in several leading consumer titles, including Elle (Australia) magazine, BBC Music, BBC History and Homes & Antiques magazines.  

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