In a significant restructuring move, ANZ has announced plans to eliminate 3,500 jobs over the next year, alongside cuts affecting around 1,000 contractors. The decision comes as part of a strategic shift led by the newly appointed CEO Nuno Matos, who emphasized the need for the bank to simplify operations, enhance focus on key priorities, and improve customer service.
The bank expects these changes to incur a cost of approximately $560 million before tax. Matos acknowledged the impact of this decision, characterizing it as “difficult news” for many employees. He noted that certain changes have already been initiated, with the bank committed to managing the transition as quickly and safely as possible.
Matos commented on the current banking landscape, describing it as “rapidly evolving and highly competitive.” The bank’s ongoing strategic review aims to eliminate redundancy and complexity, halt initiatives that do not align with its core priorities, and strengthen its non-financial risk management practices.
In response to the layoffs, ANZ has promised a comprehensive support program for affected employees. This initiative will include personalized support, career advice, planning services, and access to a career training fund.
However, the announcement has faced criticism from the Finance Sector Union (FSU), which condemned the bank’s actions as excessive and irresponsible. FSU President Wendy Streets expressed concern, stating, “ANZ is betraying 3,500 workers in one of the world’s most profitable banking sectors, cutting jobs simply to chase even bigger profits.” She described the strategy as chaotic and criticized the bank for its lack of clarity regarding workload management following job cuts.
This restructuring follows Matos’s appointment in May, marking a shift from former CEO Shayne Elliott’s leadership and signaling a broader cultural overhaul aimed at increasing efficiency within ANZ.
Despite currently being the smallest of the major banks, ANZ has a larger global workforce than its competitors, Westpac and NAB. The announcement reflects broader trends in the banking sector, where institutions are increasingly focusing on reducing costs in the face of competitive pressures.
