Australia’s ANZ has announced plans to cut approximately 3,500 jobs by September next year as part of a wider restructuring effort.
The major bank’s chief executive called the move “the right thing to do.”
Chief executive Nuno Matos said the restructure aims to simplify the bank and eliminate redundant positions.
“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,” Matos said.
ANZ Group said it will also cut back on engagements with consultants and other third parties, which would affect about 1,000 managed services contractors.
Finance Sector Union (FSU) president Wendy Streets accused ANZ of “betraying” its workers in pursuit of even greater profits.
“This is out of control—it’s not strategy, it’s unhinged,” Streets said.
“When the FSU asked ANZ who will actually do the work of the 3,500 sacked staff, the bank had no answer, except to say the work will simply stop.”
“That’s not a plan; that’s chaos.”
However, chief executive Matos said the decision was not driven by profits and acknowledged it was one the bank was hesitant to make.
“This is not about profits; this is about getting the things right—the basic things the bank needs to do, right.”
“This is the right thing to do. However, the most important thing today is to acknowledge that we are impacting some employees and their families who are receiving this news, and that’s not good news, and we are very sensitive to that.”
Meanwhile, the FSU reported that ANZ employees learned about the extensive job cuts through media reports.
“It’s a huge insult that workers who have found out their jobs are on the line through a news alert that’s popped up on their phone while they’re making their breakfast or getting the kids ready for school,” the FSU said.
No major cuts in New Zealand
ANZ says there are no major restructuring plans for its New Zealand operations following the announcement of the decision in Australia.
The bank said changes were primarily focused on the Australian side of the business.
However, ANZ New Zealand said it regularly conducts reviews as part of its ongoing commitment to operate efficiently and provide the best service to its customers.
These reviews “may affect between 20 and 30 roles” but emphasised that these are similar to those carried out in previous years.
“These reviews are part of our normal course of business, and there are no significant changes underway in New Zealand outside of that.”
As of 30 September 2024, ANZ New Zealand employed approximately 7,500 people, including full-time staff, part-time employees, and contractors.