Home » ANZ to cut up to 170 business banking jobs

ANZ to cut up to 170 business banking jobs

“For a bank that made $7 billion in profits last year, we don’t understand why people need to be put on the unemployment list.”

ANZ said it understood this was a difficult time for its staff.

“We’re providing support, and we’re confident many employees will find alternative roles within ANZ,” a spokeswoman said. “These changes will allow us to flexibly support more customers with simpler needs across branches, digital platforms, and our National Business Centre.”

“We remain committed to investing in data and digital capabilities, complemented by relationship bankers, and will expand in growth areas such as agribusiness,” she said.

“ANZ’s commercial bank is committed to serving Australia’s small to medium businesses.”

The company this week said its revenue in the first quarter of the 2024 financial year was “in line” with the prior corresponding period at about $5.26 billion, as “lending growth remains robust” at both the retail and commercial banking arms.

Barrenjoey analyst Jon Mott said the commentary was “slightly stronger” than at ANZ’s annual shareholder meeting in December, yet he believed net-interest margins were still deteriorating after vicious mortgage competition.

“We are impressed with the turnaround of ANZ Institutional, but with economic pressure in New Zealand and earnings risk in Australia, it is hard to be optimistic following the recent rally,” Mr Mott said.

The bank last cut jobs in November, making 60 workers redundant in its risk department and sending 30 of those jobs offshore. The big four banks cumulatively cut more than 2000 staff last year, with 60,000 bank jobs lost globally in one of the heaviest years for lay-offs since the global financial crisis.

ANZ is also waiting on a final decision from the Australian Competition Tribunal on its proposed $4.9 billion takeover of Suncorp’s banking arm, which competition regulators blocked last year.

The ACT will deliver its decision on February 20.