After months of speculation, ANZ has confirmed it will cut approximately 1,000 domestic jobs in a bid to prepare itself for tough economic times.
In a statement from the bank, ANZ chief executive Australia Philip Chronican blamed the job cull on intense pressure on margins associated with higher funding costs, lower consumer and business demand for financial services and increasing global regulation.
The 1,000 job cuts will be primarily in middle-management, back-office and support functions while changes for customer-facing employees are expected to be minimal.
Affected staff will be supported by an expanded package of assistance measures developed in conjunction with the Federal Government and the Finance Sector Union.
“A different and very difficult environment is now emerging for banks globally. Just as we are seeing in other parts of the Australian economy, we are also having to adapt our business to the new conditions and become leaner, more agile and more customer-focused so we ensure the bank remains strong and can grow and invest for the future,” Mr Chronican said.
“At the same time, we know we have to keep working hard to become a better bank, by continuing to improve customer service and innovating faster as technology changes and customers look for banks to provide new banking solutions.
“In this environment, the right thing to do is to be upfront with our staff and with the community about the changes needed in banking and their implications. We are acutely conscious of the impact of these reductions on individual staff members and we will be making every effort to use natural attrition, to redeploy staff, and to utilise our training funds to support those people affected.
"Although we need to make difficult decisions in the short-term to adapt to the new global environment for banks, the economic outlook for Australia remains positive and this helps underpin our continued investment in customer service and in emerging areas of opportunity.”