ANZ has cut 131 jobs from its wealth and private banking business, with plans to offshore roles to India in coming months, according to the Finance Sector Union (FSU).
Most of these roles are believed to be currently located in ANZ's office in Kent Street, Sydney.
ANZ advised the FSU that the offshoring proposition is designed to "minimise duplication and bureaucracy and improve our business resilience".
The union said it plans to meet with affected staff this week to ensure an improved consultation process in the recently negotiated ANZ Enterprise Agreement is adhered to, and to work with members to mitigate the negative impact of the move.
An ANZ spokesperson told InvestorDaily that around 70 positions in the group's wealth operations business will be affected. All impacted staff will be able to apply for other roles within the bank.
"These changes reflect the need to simplify our business given the more subdued economic environment and to ensure our customers are supported with specialist back-office capabilities," the spokesperson said.
The changes follow ANZ's achievement of a 6.2 per cent jump in net profit for the period ending 31 December 2012, with further productivity gains made across the group cited as a key contributor.
"Initiatives to manage costs and margins helped to sustain a good performance in the Australia Division," ANZ chief executive Mike Smith said at the time.
While the environment for wealth remains subdued, the firm will continue to manage costs as well as pacing investment in transforming the business.
The FSU, however, said ANZ "can afford to invest in Australian jobs and skills".
"It is simply not good enough that 131 ANZ staff face an uncertain future while working for one of Australia's most profitable banks," the union said.
The jobs targeted for offshoring involve administration of the pension funds of high net worth individuals, the FSU said.
