The Finance Sector Union reported on Tuesday that Australia’s fourth-largest bank, ANZ Group, is planning to cut 170 jobs from its commercial banking operations. This move comes as the industry continues to automate and reengineer back-office operations, resulting in job cuts across the board.
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. They also expressed their commitment to investing in data and technology. A spokesperson for the bank mentioned that 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 for being solely focused on profits. She pointed out the bank’s substantial profit of A$7 billion last year and questioned their motivation for pushing out staff. However, ANZ’s last annual report shows that they achieved a record annual profit despite facing challenges such as regulatory uncertainty and global economic instability. In fact, their first-quarter group revenue was in line with the first-half revenue average for fiscal 2023, indicating their resilience in a challenging environment.