Technology workers have been spared from an ANZ Bank plan to shed four percent of its Australian workforce, according to officials at the bank.
The bank today announced that it would cut 1000 jobs in this financial year, following discussions with 492 affected staff and the Finance Sector Union this morning.
An ANZ spokesman said the cuts would affect middle-management, back office and support staff in Australia and within its institutional banking arm.
Most of the employees expected to be made redundant work at ANZ’s headquarters in Melbourne’s Docklands.
ANZ pinned the move on “higher funding costs, lower consumer and business demand for financial services, and increasing global regulation”.
“A different and very difficult environment is now emerging for banks globally,” ANZ’s Australian CEO Philip Chronican stated.
“[We are] having to adapt our business to the new conditions and become leaner, more agile and more customer-focused so we ensure the bank remains strong and can grow and invest for the future.
“At the same time, we know we have to keep working hard to become a better bank, by continuing to improve customer service and innovating faster as technology changes and customers look for banks to provide new banking solutions.”
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The bank planned to cut jobs from its operations, commercial, retail, wealth and institutional banking teams.
ANZ CIO Anne Weatherston has reported to the group’s chief operating officer since an earlier restructure last October, but the spokesman insisted that cuts to the 'operations' team did not include technology staff.
Affected staff have been promised internal redeployment, redundancy entitlements, retraining and outplacement services.
A union spokeswoman said the bank had advised that the 1000 job cuts “were all that were planned for this year”.
She described today’s announcement as a change of tack. Last year, banks announced small cuts in “dribs and drabs”, which saw a total of 3300 jobs cut from the local financial sector.
According to the union, Australian financial services organisations have announced a total of 2000 job cuts since 1 January, including about 560 from Westpac early this month.