ANZ Plans 3,500 Job Cuts in Australian Restructuring

ANZ, under new CEO Nuno Matos, has announced a major restructuring plan to cut 3,500 jobs by September 2026, primarily affecting its Australian operations, while New Zealand staff will see no significant changes. The bank will also reduce reliance on consultants and contractors, impacting around 1,000 managed service contractors. This restructuring aims to simplify the bank, eliminate duplication, and sharpen focus on its priorities amid a highly competitive banking environment, with an expected pre-tax cost of A$560 million. ANZ has committed to providing impacted employees with comprehensive support, including career advice and training funds, despite the disruption caused by an accidental email notifying some senior staff of their redundancies prematurely. The Finance Sector Union has strongly criticized the job cuts, calling the move "out of control" and accusing ANZ of prioritizing profits over workers. Matos emphasized the bank's strategic review is focused on improving non-financial risk management and stopping work that doesn't support its priorities.