ANZ to cut 3,500 jobs by September 2026

Banking giant ANZ has unveiled changes “to better focus on priorities”, which will involve approximately 3,500 employees departing in the next 12 months, and cutting engagements with consultants and other third parties.

In a statement released this morning (Tuesday, 9 September), ASX advised the market it is making changes to “simplify the bank, strengthen its focus on its priorities, and deliver for its customers”.

This includes, the banking giant said, the departure of approximately 3,500 employees by September 2026, as well as a reduction in the number of engagements with consultants and other third-party contractors.

This restructure will cost approximately $560 million before tax, ANZ said.

Speaking about the announced changes, ANZ chief executive Nuno Matos said his ambition for the bank is to “be the best bank” for customers, while also ensuring it sustainably meets performance expectations over the long run.

“We know this will be difficult news for some of our staff,” he said.

“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.”

The bank pointed to its “comprehensive” support program for impacted staff, which it said includes individual support, career advice, and planning support services.

“We are operating in a rapidly evolving and highly competitive banking environment,” Matos said.

“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,”

The changes also include, he continued, ending or reviewing ANZ’s engagements with consultants and other third parties, which he said will affect circa 1,000 managed services contractors.

“While recognising our teams will change the way we structure the bank and deliver our priorities, what won’t change is the dedication of our customer-facing bankers who support our customers day in, day out,” Matos said.

A strategy update will be provided to ANZ’s investors in mid-October.

The news follows a recent internal blunder at the banking giant, in which automated emails were mistakenly sent, informing some staff that they were set to lose their jobs.