Australia’s fourth-largest bank, ANZ Group, announced plans to cut 170 jobs from its commercial banking operations, according to a report by a workers’ union on Tuesday. The move comes as banks across the country continue to automate their businesses and use technology to streamline back-office operations, resulting in job cuts across the industry.
ANZ did not confirm the exact number of job cuts but stated that changes in headcount would enable them to better serve customers through branches and digital platforms. The bank also expressed its commitment to investing in data and technology. A spokesperson for ANZ said that they were confident many of the affected employees would find alternative roles within the organization.
The national president of the Finance Sector Union, Wendy Streets, criticized ANZ, accusing the bank of being solely focused on profits. She pointed out ANZ’s substantial profit of A$7 billion last year and questioned their motivation for pushing out staff.
According to ANZ’s last annual report, the bank’s total headcount was 40,000. In the same report, ANZ indicated that first-quarter group revenue was in line with the first-half revenue average for fiscal 2023, a year in which they achieved a record annual profit.