According to a report, ANZ Group, Australia’s fourth-largest bank, is planning to cut approximately 170 jobs from its commercial banking operations. This move is part of a larger trend in the Australian banking industry, where banks are increasingly automating their businesses and utilizing technology to streamline back-office operations.
While ANZ did not confirm the exact number of job cuts, the bank stated that these changes were necessary to better support customers across branches and digital platforms. Additionally, ANZ reiterated its commitment to investing in data and technology. A bank spokesperson expressed confidence that many of the affected employees would be able to find alternative roles within the group.
The Finance Sector Union’s national president, Wendy Streets, criticized ANZ’s decision, accusing the bank of being solely focused on profits. She pointed out that ANZ reported a profit of A$7 billion last year, questioning the bank’s rationale for wanting to push staff out the door. Despite this, ANZ announced that its first-quarter group revenue was in line with the quarterly average of first-half revenue for fiscal 2023, a year in which the bank made a record annual profit. This suggests that ANZ is maintaining strong financial performance despite changes to its workforce.