ANZ has made 200 managerial and back-office positions redundant as the bank looks to "simplify" its business and "boost productivity".
After reporting a 22 per cent reduction in its first-half profit earlier this month, ANZ has made 200 staff redundant – with the Melbourne office bearing most of the cuts.
In a statement to InvestorDaily, ANZ confirmed the job cuts are also due to low lending growth and the need to simplify the business and boost productivity.
“The roles are largely based in Melbourne and are mainly managerial and back-office positions in areas such as marketing and project management,” an ANZ spokesperson said.
“All affected staff will have access to support services such as ANZ’s career retraining fund and will be able to apply for other roles within ANZ.”
The ANZ spokesperson noted that the affected staff will be offered the opportunity to apply for other roles within ANZ.
He added that ANZ has an external hiring freeze in place in order to maximise redeployment opportunities within the bank.
ANZ chief executive Shayne Elliott said banking is continuing to experience rapid shifts in technology, customer expectations and regulation against a backdrop of low economic growth, volatile financial markets and rising credit costs.
"Our priority is to take bold action to ensure ANZ is fit and ready for this future,” he said.
“This means for the immediate future we are in a period of consolidation, simplification and transition.”
Despite sharemarket declines, the Australian ETF industry finished August at a record high of $54.1 billion in funds under management, acco...
EXCLUSIVE The rise of populism and the social acceptance of protectionism are creating decent investment opportunities in emerging markets....
The small business ombudsman has charged banks with blocking financial services to the $2.6 billion adult industry, following an MP accus...