ANZ is aiming to remove 4500 roles in an effort to streamline operations, reduce duplication and improve efficiency. However, the move is facing opposition from the Finance Sector Union (FSU), which is considering intervention through the Fair Work Commission. The union, which represents finance workers, is seeking to halt or delay the implementation of the cuts as redundancies begin across the organisation.
The large-scale restructure follows the appointment of ANZ's new CEO in May, who has moved quickly to reshape the bank. ANZ employs nearly 42,000 people, including 3000 who joined through the acquisition of Suncorp Bank last year. The proposed cuts are expected to have the greatest impact on roles in retail banking, business lending and back-office support. Although the bank has stated that frontline branches and roles inherited from Suncorp are not at risk, as many as 25,000 employees in core business areas could be affected.
At the same time, there is instability in ANZ's leadership team, with some senior positions changing or remaining vacant, creating further uncertainty. The broader banking sector is also under pressure. National Australia Bank is cutting 410 jobs and moving another 127 roles offshore to India and Vietnam. Bendigo Bank is also reducing its workforce by more than 170 as it restructures its support teams for technology and mortgages.
The FSU claims that banks are putting cost savings through automation and offshoring above customer service and staff security. With the increasing use of artificial intelligence, the union is calling for government action to prevent frontline workers from being left behind. The future of both employment and service quality in banking now remains uncertain.
