The bank has announced changes it says will reduce duplication and complexity in its operations
ANZ has announced it will cut approximately 3,500 employees and reduce use of consultants in a major restructure it says will reduce duplication and complexity in its operations.
In a statement on Tuesday, the bank said it expects approximately 3,500 employees to depart the company by September 2026.
The reduction in engagements with consultants and other third parties is expected to impact about 1,000 managed services contractors.
ANZ is set to incur restructuring charges totalling approximately $560 million before tax. Detailed information regarding these costs will be disclosed in the company's financial results, scheduled for release in early November.
"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 our non-financial risk management practices across the bank," said ANZ CEO Nuno Matos in a statement.
The bank did not mention which roles will be affected, but noted that it will have limited impact to frontline customer-facing roles.
"We know this will be difficult news for some of our staff. While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected," Matos said.
The bank said impacted employees will be provided a comprehensive support program, including individual support, career advice, planning support services, and access to a career training fund.
"We will treat our people with care and respect and conclude the process as quickly as we can," the bank said.
The announcement comes after an email blunder from the bank in August, which informed some employees about their exit dates prior to being notified about the changes to their employment.
