In a shocking move, ANZ Group, Australia’s fourth-largest bank, has announced plans to cut 170 jobs from its commercial banking operations. This news comes as the banking industry continues to automate its processes and utilize technology to streamline back-office operations, resulting in job losses across the sector.
While ANZ has not yet confirmed the exact number of job cuts, the bank has stated that changes in headcount will allow them to better support customers through branches and digital platforms. They also expressed their commitment to investing in data and technology. A spokesperson for the bank assured that they are confident many of the affected employees will find alternative roles within the organization.
The Finance Sector Union has criticized ANZ for being solely focused on profits. Wendy Streets, national president of the union, accused the bank of prioritizing their substantial profit of A$7 billion last year over their employees’ well-being. She questioned the bank’s motivation for pushing out staff and called for greater transparency and accountability in the banking industry.
In their last annual report, ANZ had a total headcount of 40,000. The bank reported that first-quarter group revenue was in line with the first-half revenue average for fiscal 2023, a year in which they achieved a record annual profit.