ANZ to Slash 3,500 Jobs by September Next Year
ANZ has confirmed it will slash about 3,500 jobs by next September as part of a major restructure, with the bank’s boss insisting it’s “the right thing to do.”
The shake-up is aimed at cutting down on duplication, internal complexity, and reliance on outside consultants. Around 1,000 contractors who provide managed services are also expected to be affected. The bank says the changes will have only a limited impact on frontline, customer-facing roles.
ANZ Chief Executive Mr Matos acknowledged the human toll of the decision.
“The most important thing today is to acknowledge that we are impacting some employees and their families … and that’s not good news. We’re very sensitive to that.”
But the move has sparked anger from the Finance Sector Union (FSU), which blasted the cuts as a betrayal of workers in the pursuit of bigger profits.FSU president Wendy Streets didn’t hold back:
“This is out of control — it’s not strategy, it’s unhinged.”
The union also claims many employees first heard about the sweeping job losses not from management, but through news alerts on their phones while getting ready for work or making breakfast.
ANZ has pushed back on that, with Matos saying he didn’t believe it was true — though he stopped short of giving a clear answer.
While the official timeline stretches to September 2026, Matos suggested the bulk of the cuts will come early next year.
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