ANZ will cut 3,500 jobs over the next 12 months as part of a major restructure.
‘We are operating in a rapidly evolving and highly competitive banking environment,’ new chief executive Nuno Matos said.
‘Our changes also include ending or reviewing our engagements with consultants and other third parties, impacting around 1,000 managed services contractors.
‘While reorganising our teams will change the way we structure the bank and deliver our priorities, what won’t change is the dedication of our customer facing bankers who support our customers day in, day out.’
The restructure of its 42,000 strong workforce comes amid sweeping changes under the new CEO, with internal staff referring to the overhaul as ‘Nuno-geddon.’
Matos had warned employees in a recent town hall to expect significant cuts, with up to 2,000 roles expected to be axed across the business.
In the latest job cuts, which represent eight per cent of its workforce, ANZ expects the employees to finish their roles by September 2026.
Mr Matos said his ambition is for ANZ to be the ‘best bank’ for its customers, while ‘ensuring it sustainably meets the performance expected over the long-term’.
The latest cuts represent almost 10 per cent of its 42,000 strong workforce (stock image)
The overhaul under new ANZ chief Nuno Matos (pictured) is reportedly being referred to by internal staff as ‘Nuno-geddon’
‘We know this will be difficult news for some of our staff,’ he 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.’
The bank said the restructure would cost $560 million before tax.
The restructure is expected to reduce duplication and ‘internal complexity’ with limited impacts to frontline customer facing roles.
The company said the changes would help it meet its commitments to the Federal and Queensland Governments after the bank’s acquisition of Suncorp Bank.
Last month a group of ANZ employees discovered they were being made redundant before they were officially informed due to an email blunder.
Staff were supposed to be notified during scheduled meetings with their managers.
Instead, they received automated emails detailing the process for returning their work-issued laptops, implying their employment had already ended.
ANZ said the restructure will have ‘limited’ impacts on customer facing roles
‘It was not our intention to share such sensitive news this way, and I apologise unconditionally.’
The emails were mistakenly sent out ahead of the meetings, prompting ANZ to issue an apology and offer psychological support to affected employees.
Bruce Rush, ANZ’s Acting Group Executive for Australia Retail, issued a formal apology following the incident.
Staff will be offered career advice and counselling and provided access to a career training fund.
