ANZ Bank Plans To Fire 170 Commercial Banking Staff, Union Says
ANZ Group, Australia’s fourth-largest banking institution, intends to reduce its commercial banking workforce by 170 positions, according to a statement issued by a labor union. This move reflects the banking industry’s ongoing trend toward operational efficiency and technological integration.
The Australian banking sector has been actively pursuing digitization and automation in recent years, aiming to streamline operations and improve customer service. As a result, staffing needs have been reassessed, with back-office roles increasingly being supplemented or replaced by advanced technologies.
While ANZ has not officially confirmed the exact number of job cuts, the bank has stated that these staff adjustments are strategically aimed at bolstering its capacity to serve a growing customer base, focusing on physical branches and digital platforms.
ANZ emphasizes its commitment to investing in data and technology infrastructure, signaling a long-term dedication to innovation and digital transformation within the banking industry.
In response to the changes, an ANZ spokesperson expressed optimism regarding the affected employees, suggesting that many of them could secure alternative positions within the broader ANZ Group. This indicates the bank’s efforts to mitigate the impact of job cuts on its workforce and reassign talent to areas of increasing demand or strategic importance.
However, the decision to reduce jobs has faced criticism from the Finance Sector Union. Wendy Streets, the national president of the union, accused ANZ of prioritizing profits over people. She questioned the necessity of job cuts considering ANZ’s significant profit of A$7 billion in the previous year.
According to ANZ’s most recent annual report, the bank’s total workforce comprised 40,000 employees. ANZ also revealed that its first-quarter revenue remained consistent with the average quarterly revenue from the first half of fiscal year 2023, which saw a record annual profit.
The planned reduction in commercial banking staff at ANZ Bank reflects the industry-wide push for efficiency and digital adoption. While the bank aims to enhance its ability to serve customers through a focus on physical branches and digital platforms, concerns have been raised about the impact on the affected employees. ANZ, however, remains committed to reallocation and retraining efforts to minimize the overall impact.
