Australian bank ANZ Group is planning to cut 170 jobs from its commercial banking operations, according to a report from the Finance Sector Union on Tuesday. This move comes as part of a larger industry trend towards automation and technology-driven back-office reengineering, which has resulted in job cuts across the sector.
ANZ did not confirm the exact number of job cuts but stated that changes in headcount would enable them to better support customers through branches and digital platforms. The bank 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, accusing the bank of being solely focused on profits. She questioned their 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 and 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.