ANZ Group to Cut 170 Jobs as Australian Banks Automate Operations
ANZ Group, Australia’s fourth-largest bank, is reportedly planning to slash 170 jobs at its commercial banking operations, according to a workers’ union. The move comes as Australian banks increasingly shift towards automation and technology to streamline and restructure their back-office operations.
While ANZ has not yet confirmed the exact number of job cuts, the firm clarified that these changes in headcount are aimed at better serving their customers across branches and digital platforms. Moreover, the bank emphasized its ongoing commitment to investing in data and technology.
However, Wendy Streets, the national president of the Finance Sector Union, criticized ANZ, accusing the bank of being solely focused on maximizing profits. “ANZ made a profit of A$7 billion last year and we can’t understand why it wants to push staff out the door,” she stated.
According to ANZ’s latest annual report, the bank had a total headcount of approximately 40,000 employees. In more positive news, ANZ also recently announced that its first-quarter group revenue aligns with the quarterly average of the first half of fiscal 2023, during which it achieved a record annual profit.
Analyst comment
Negative news. The market is likely to see a short-term decline as ANZ Group cuts jobs to automate operations. The move may lead to cost savings but also raises concerns about employee morale and customer service. The market will closely watch how ANZ’s investment in data and technology impacts their performance.
