ANZ has announced it will cut 3500 jobs as part of a company-wide restructure spearheaded by its new CEO, Nuno Matos.
The impacted employees are expected to leave the bank by September 2026.
WATCH THE VIDEO ABOVE: Massive ANZ job cuts.
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ANZ will also end or review engagements with consultants and other third parties, impacting about 1000 contractors.
Chief executive Nuno Matos, who stepped into the role in May this year, said he acknowledged the news would be difficult for staff.
“My ambition is for ANZ to be the best bank for our customers, while ensuring we sustainably meet the performance expected over the long-term,” the former HSBC banker said.
“While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.”
As staff speculate who’s on the chopping block, the cuts to about 10 per cent of its Australia workforce have reportedly been nicknamed the “Nuno-geddon”.
Matos said the bank was “operating in a rapidly evolving and highly competitive” environment.
“As we continue our strategic review, we are eliminating duplication and complexity, stopping work that doesn’t support our priorities and sharpening our focus on improving our non-financial risk management practices across the bank,” he said.
ANZ announced half-year cash profits of $3.64 billion in its May results, a 16 per cent jump.
The Finance Sector Union (FSU) blasted the cuts, describing them as “unhinged” and “driven by pure greed”.
“ANZ is one of the most profitable banks in the world, yet it is betraying 3500 workers simply to chase even bigger profits,” FSU national president Wendy Streets said.
“This is out of control — it’s not strategy, it’s unhinged.”
The news comes less than two weeks after a number of ANZ staff learned they were being made redundant in an email blunder.
The plan was for staff to be told during scheduled meetings with managers, but they were instead sent automated emails about how to return their work laptops.
ANZ will provide support services for impacted staff.
The bank has a market capitalisation of $98.3 billion.
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