Australian banks are increasingly automating their businesses and reengineering back-office operations, which has resulted in job cuts across the industry. ANZ Group, Australia’s fourth-largest bank, announced on Tuesday that they plan to cut 170 jobs from their commercial banking operations. While ANZ did not confirm the exact number of job cuts, a spokesperson for the bank 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.
Wendy Streets, national president of the Finance Sector Union, criticized ANZ, accusing the bank of being solely focused on profits. She questioned the motivation behind pushing out staff, given the bank’s substantial profit of A$7 billion last year. According to ANZ’s last annual report, the bank’s total headcount was 40,000. In the same report, the bank indicated that 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.
ANZ did not provide specific details about which roles would be affected by these job cuts or when they would take effect. However, it is likely that this move will result in some redundancies as well as new opportunities for employees who can adapt to changing technology requirements. It is important for ANZ to communicate clearly with its employees about any upcoming changes and provide them with resources to help them navigate this transition period effectively.