Australia’s ANZ plans to cut 170 business banking jobs, union says

AUSTRALIA’S fourth-biggest financial institution ANZ Group plans to chop 170 jobs at its industrial banking operations, a employees’ union stated on Tuesday (Feb 13).

Australian banks have been shedding jobs as they give the impression of being to automate their companies and make use of expertise to re-engineer back-office operations.

ANZ didn’t verify the variety of job cuts however stated that headcount modifications would enable it to assist extra clients throughout branches and digital platforms, and that it remained dedicated to investing in information and expertise.

A financial institution spokesperson stated ANZ was assured lots of the workers involved will discover various roles throughout the group.

Wendy Streets, nationwide president of the Finance Sector Union, criticised the financial institution, saying it was simply centered on earnings.

“ANZ made a profit of A$7 billion (S$6.1 billion) last year and we can’t understand why it wants to push staff out the door,” she stated.

ANZ had a complete headcount of 40,000, in accordance with its final annual report.

The financial institution this week stated first-quarter group income was in step with the quarterly common of first-half income for fiscal 2023 – a yr when it made report annual revenue. REUTERS