US EditionANZ Mulls Up to 5,000 Job Cuts in Bank Revamp, Report Says
ANZ aims to improve culture and risk management while aligning costs with industry standards, considering cuts affecting about 12% of its 42,000 workforce, officials said.
- ANZ Group Holdings, led by CEO Nuno Matos since May 2025, is considering cutting up to 5,000 jobs amid a business restructure in Sydney.
- The restructure follows a scathing April report by Oliver Wyman on ANZ's risk culture and regulatory pressure including an additional $1 billion capital requirement.
- ANZ has changed its senior leadership in the Australia retail division, simplifying structure and strengthening risk management to improve productivity and meet shareholder expectations.
- Matos expressed his commitment to leading significant change and improvement within the bank, stressing the importance of aligning expenses with industry benchmarks rather than maintaining mediocrity.
- The job cuts and restructuring aim to overhaul the smallest of Australia's big four banks, with updates on strategy expected by mid-October amid staff concerns and union warnings.
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Total News Sources11
Leaning Left3Leaning Right3Center1Last UpdatedBias Distribution43% Left, 43% Right
Bias Distribution
- 43% of the sources lean Left, 43% of the sources lean Right
43% Right
L 43%
14%
R 43%
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