ANZ Group will cut 3,500 staff and 1,000 contractors by September 2025 as part of a restructuring move that will cost $560 million. The announcement on Tuesday is the first significant step under chief executive Nuno Matos, who took over the role in May.
Speaking at the Financial Review Asia Summit in Sydney, Matos said the changes were necessary to reduce duplication and complexity.
“I hate to do this but it’s for the future of the company. Those decisions are very tough to take. We don’t want to take them because they’re going to impact people, our people, their families, and it should be the last resort,” Matos said, adding that some projects would be halted because they no longer aligned with the bank’s priorities.
Shares in ANZ rose briefly before ending the day 0.5% lower at $32.81. The bank, which employs around 43,000 people – more than its larger rivals Westpac and National Australia Bank – said most customer-facing roles will remain unaffected. Jobs tied to Suncorp Bank, acquired last year for $4.9 billion, will also be retained.
The job losses amount to around 8% of ANZ’s workforce and come as Matos signals a shift towards a “performance-driven culture.” He also noted that ANZ would place more emphasis on addressing non-financial risks, after a bond trading scandal drew attention to shortcomings in the bank’s markets division.
Market analysts suggested the cost savings would take time to materialise. Atlas Funds analyst Michael Haynes said investors might not see the full impact until 2027 due to ANZ’s September financial year-end. Citigroup analyst Thomas Strong said the cuts could boost efficiency in retail and technology operations.
The Finance Sector Union criticised the move, arguing that the bank had no clear plan to absorb the workload of those made redundant.
“When the FSU asked ANZ who will actually do the work of the 3,500 sacked staff, the bank had no answer, except to say the work will simply stop,” union president Wendy Streets said. “That’s not a plan, that’s chaos.”
A strategic review is due to be released on Oct. 13.
