US EditionANZ Axeing 3500 Jobs in Australia but No Major Cuts Planned in NZ
ANZ's restructuring aims to reduce complexity and meet government acquisition commitments, affecting 1,000 contractors while limiting impact on frontline roles, costing $560 million before tax.
- ANZ Bank announced it will cut about 3,500 jobs mainly in Australia by September 2025 as part of a major restructure.
- The job cuts follow ongoing strategic reviews led by new CEO Nuno Matos, who joined in May 2025, to simplify operations and reduce complexity.
- The restructure includes reducing the use of consultants, affecting around 1,000 contractor roles, while limiting impacts on customer-facing staff.
- ANZ will report a $560 million pre-tax restructuring charge in its half-year results, with Matos emphasizing that the bank is navigating a fast-changing and intensely competitive financial sector.
- No significant restructurings will occur in ANZ New Zealand, which employed about 7,500 people as of September 2024, indicating the changes primarily target the Australian business.
34 Articles
34 Articles
ANZ slashes 3,500 jobs, are there more to come?
SBS Finance Editor Ricardo Gonçalves takes a closer look at ANZ's decision to cut 3,500 employees and 1,000 contractors and what it means for the sector with Nathan Zaia from Morningstar and Damien Boey from Wilson Asset Management.
ANZ CEO Pledges to Put ‘House in Order’ as 3,500 Jobs to Be Cut
ANZ Group Holdings Ltd. Chief Executive Officer Nuno Matos reiterated a pledge to address the firm’s risk management shortcomings, just hours after the bank announced one of the country’s biggest job-cut programs in recent years.
ANZ to Cut 3,500 Jobs in Sweeping Restructure
Major Australian bank, ANZ, says about 3,500 staff will be cut by September 2026 as part of a major overhaul aimed at simplifying operations and reducing costs. The restructure will also see the bank scale back its reliance on consultants and contractors, affecting around 1,000 managed services workers. ANZ also reaffirmed its commitments to the federal and Queensland governments regarding its $4.9 billion acquisition of Suncorp Bank. CEO Nuno M…
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