Australia and New Zealand Banking Group (ANZ) has announced a significant restructuring initiative that will lead to the layoffs of approximately 3,500 employees by September 2026. This move is part of an overarching strategy to streamline operations and enhance the bank’s focus on its core priorities, providing better service to customers.
In addition to cutting jobs, ANZ plans to decrease its reliance on external consultants and third-party contractors, which will affect around 1,000 managed services roles. The bank’s executive team indicates that this restructuring is designed to simplify the organization, eliminate redundancy, and concentrate on key areas.
ANZ’s CEO, Nuno Matos, acknowledged the difficulties this announcement poses for affected employees. “We know this will be difficult news for some of our staff,” he noted. He assured employees that measures are already in place to manage the transition effectively and with respect. Matos explained that the bank is responding to a rapidly changing and competitive banking landscape, emphasizing the need to streamline operations, eliminate non-essential projects, and enhance non-financial risk management practices.
The restructuring is expected to incur a pre-tax charge of around A$560 million, which will be recorded in the second half of 2025. The final details of the restructuring expenses are set to be disclosed in the bank’s full-year results scheduled for release on 10 November 2025.
ANZ currently employs about 42,000 people, with approximately 10,800 in its retail division, according to its latest annual report. Despite the upcoming changes, the bank reported a statutory profit of A$3.64 billion for the half-year ending 31 March 2025, a 16% increase compared to A$3.12 billion in the same period a year prior. Additionally, total revenue for ANZ reached A$10.99 billion, marking a 5% rise from A$10.46 billion in the previous period.
In light of these changes, ANZ is committed to supporting its workforce, offering a range of initiatives designed to assist employees. Programs include personalized assistance, professional development resources, career planning services, and access to a dedicated training fund for upskilling and reskilling opportunities.
