ANZ has announced some 3,500 jobs will be cut over the next twelve months in a $560 million restructure, which will also see consultant numbers trimmed.
ANZ has announced some 3,500 jobs will be cut over the next twelve months in a $560 million restructure, which will also see consultant numbers trimmed.
The bank's chief executive Nuno Matos, who succeeded former chief Shayne Elliot in May, said the restructure was necessary to ensure the bank met its long-term performance goals sustainably.
"We know this will be difficult news for some of our staff. 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," he said.
A statement by the bank this morning said impacted employees would be offered career advice, planning services and access to a career training fund.
"We are operating in a rapidly evolving and highly competitive banking environment," Mr Matos said in the statement.
"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 out non-financial risk management practices across the bank."
Under the strategic review, the bank will also review engagement with consultants and other third parties, which Mr Matos said would impact around 1,000 managed services contractors.
"While reorganising our teams will change the way we structure the bank and deliver our priorities, what won't change is the dedication of our customer facing bankers who support our customers day in, day out," he said.
The statement revealed the restructure was expected to cost some $560 million.
It said the bank would provide a strategy update to investors on October 13, ahead of the release of full year results on November 10.
An ANZ spokesperson would not reveal to Business News how many, if any, roles cut were WA-based.
In August, the Financial Sector Union revealed ANZ had announced a series of restructures across its technology division.
At the time, the FSU said it would result in hundreds of job cuts. Two weeks later, hundreds of staff found out they had been fired through an automated email asking them to hand back their laptops.
ANZ's retail banking executive Bruce Rush said it was not the bank's intention "to share such sensitive news with you in this way".
The bank said the emails were sent to some staff ahead of schedule.
The Financial Sector Union said the emails caused "panic and distress".
Portuguese-born Mr Matos replaced Shayne Elliot, who had been at the helm since 2016 and retired, in May.
The Portuguese-born 57-year-old previously served as HSBC wealth and personal banking chief executive, and was based in Hong Kong.
