One of Australia’s largest banks will lay off thousands of employees over the next 12 months under a major restructure.
ANZ has announced 3500 staff and 1000 contractors will be cut by September 2026 as part of the $560 million restructure plan.
The bank on Tuesday said it was part of a push to reduce duplication within ANZ alongside a sweeping move to cut consultant spending.
ANZ also vowed to meet its commitments to the Commonwealth and the Queensland government regarding its Suncorp Bank acquisition with roles at the state lender set to be preserved.
“We know this will be difficult news for some of our staff,” ANZ chief executive Nuno Matos said in a statement.
“While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, for both care and respect for our teams affected.”
The bank said it was looking at a $560 million restructuring charge with the final number set to be recorded in the coming full-year earnings update in November.
A strategy update will be provided to investors on October 13.
The bank said the restructure would simplify operations and focus on the priorities of customers with limited impacts to frontline-facing customer service roles.
Outgoing staff will be provided support including career advice, the bank said.
“While recognising our teams will change the way we structure the bank and deliver our priorities what won’t change is the dedication of our customer facing bankers,” Mr Matos said.
ANZ had posted a cash profit of $3.6 billion in May on the back of a five per cent jump in revenue to almost $11 billion.
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