ANZ's technology division to be impacted by planned cuts

ANZ Banking Group’s technology division is one of two key parts of the bank to be impacted by a plan to cut 3500 staff over the next year.

The retail and technology divisions will bear the brunt of the cuts announced Tuesday, according to the Finance Sector Union, with about “14 percent of the workforce” of each division to be impacted.

An ANZ spokesperson did not respond to a request for information.

The quantum of cuts is considerably higher than earlier expectations that around 2000 positions would be impacted.

ANZ suggested that it would provide more detail at a strategy day in mid-October.

Chief executive Nuno Matos said that in addition to the 3500 permanent staff impacted, the bank also intends to “end or review engagements with consultants and other third parties, impacting around 1000 managed services contractors.”

Matos said the bank found itself in a “rapidly evolving and highly competitive banking environment.”

It needed to “eliminate duplication and complexity, stop work that doesn’t support our priorities and sharpen [its] focus on improving our non-financial risk management practices across the bank,” Matos said.

“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.”

Staff departures are set to occur between now and September 2026. The union said that work being conducted by the impacted staff “would simply stop”.

It flagged an escalation to the Fair Work Commission.