Australia’s ANZ to Cut 170 Business Banking Jobs, Union Says
ANZ Group’s Plan to Cut Jobs
Australia’s ANZ Group is set to cut 170 jobs from its commercial banking operations, as confirmed by a workers’ union on Tuesday. Australian banks are gradually automating their businesses and leveraging technology to revamp back-office operations, resulting in significant job cuts.
Support for Customers and Technology Investment
While ANZ did not officially confirm the number of job cuts, the banking group stated that the headcount changes are intended to bolster customer support across branches and digital platforms. ANZ remains committed to investing in data and technology to enhance its services. The bank also expressed confidence that many affected employees will find alternative roles within the company.
Union Criticism and Bank’s Profitability
Wendy Streets, national president of the Finance Sector Union, criticized ANZ for its singular focus on profits. She noted that despite the bank’s substantial profits, the decision to reduce staff seems counterintuitive. The bank’s last annual report listed a total headcount of 40,000 employees.
ANZ’s Financial Performance
ANZ recently disclosed that its first-quarter group revenue is on par with the quarterly average of first-half revenue for fiscal 2023, which was a record year for annual profits. This suggests that the bank remains in a strong financial position, despite the ongoing job cuts. The Australian banking landscape continues to evolve, with banks adapting to technological advancements and automation initiatives.
