ANZ to Cut 3,500 Jobs in Major Overhaul
Melbourne-headquartered ANZ will look to simplify its business in a major overhaul that will see 3,500 jobs axed over the next year.
ANZ will look to cut approximately 3,500 jobs by September 2026, according to a statement, in a major overhaul under CEO Nuno Matos who took on the new role in July after a nine-year stint with HSBC, last as its wealth and personal banking chief. The Australian bank will also reduce engagement with consultants and other third parties, impacting around 1,000 managed services contractors.
«We are operating in a rapidly evolving and highly competitive banking environment,» Matos said. «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 bank’s bottom line in the second half is expected to include a restructuring charge of approximately A$560 million ($370 million) before tax.
