ANZ announced plans to cut thousands of jobs over the next 12 months as part of a strategy to “simplify” the bank and strengthen its focus.
In a statement today, the bank said it expects to let go of 3,500 employees by September 2026, while promising to handle the process with “care and respect” and move through it as quickly as possible.
ANZ, which has a market capitalisation of $98.3 billion, said frontline roles involving direct customer interaction will face “limited impact.”
“We know this will be difficult news for some of our staff,” ANZ Chief Executive Nuno Matos said. “While some of these changes have already commenced, we are committed to managing the impacts as quickly and safely as possible, with care and respect for our teams affected.”
Departing employees will be offered support, including career advice, access to training, and individual assistance. The bank also pledged to consult with staff and relevant unions throughout the process.
Matos explained that the bank is operating in a rapidly evolving and highly competitive environment. “As we continue our strategic review, we are eliminating duplication and complexity, stopping work that doesn’t support our priorities, and sharpening our focus on improving non-financial risk management practices across the bank,” he said.
