ANZ Group, one of Australia’s largest banks, is set to cut 170 jobs from its commercial banking operations. This move is part of a growing trend in the banking industry to automate businesses and reengineer back-office operations, resulting in job cuts across the sector.
ANZ has yet to confirm the exact number of job cuts but stated that changes in headcount would help them better support customers through branches and digital platforms. They also expressed their commitment to investing in data and technology. A spokesperson for the bank said they are confident many of the affected employees will find alternative roles within the organization.
Wendy Streets, national president of the Finance Sector Union, criticized ANZ for being solely focused on profits. She questioned the bank’s motivation for pushing out staff, given their substantial profit of A$7 billion last year. According to ANZ’s last annual report, their total headcount was 40,000, with first-quarter group revenue in line with the first-half revenue average for fiscal 2023, a year in which they achieved a record annual profit.