ANZ to slash 1,000 jobs

Banking major ANZ said it will slash around 1,000 permanent jobs in Australia, primarily in middle-management, back-office and support functions level by September this year.

ANZ said it will cut around 1,000 jobs of its 24,000 strong staff. As many as 492 employees have already been notified that their jobs are gone. ANZ employs around 24,000 staff in Australia and 49,000 world-wide.

The job cuts were announced to “adapt to emerging environment for banks world-wide including intense pressure on margins associated with higher funding costs, lower consumer and business demand for financial services, and increasing global regulation”.

The company said affected staff will be supported by an expanded package of assistance measures developed with Federal Government and Finance Sector Union. Though the job-cuts were primarily in middle-management, back-office and support functions, “changes for customer -facing employees are expected to be minimal”, ANZ said.

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