ANZ Group, one of Australia’s largest banks, has announced plans to cut 170 jobs from its commercial banking operations. This move comes as part of a wider industry trend towards automation and the use of technology to streamline back-office operations.
ANZ has not confirmed the exact number of job cuts, but the bank 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 said they are confident many of the affected employees will find alternative roles within the organization.
The Finance Sector Union, which represents workers in the finance industry, criticized ANZ for being solely focused on profits. Wendy Streets, national president of the union, accused the bank of prioritizing profit over people. She questioned ANZ’s substantial profit last year and wondered what their motivation was for pushing out staff.
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.