The Australia and New Zealand Banking Group (ANZ) is set to slash 230 jobs from its private bank and advice business unit, as per the Finance Sector Union (FSU).
The latest job cuts announcement from the Australian multinational banking group follows its recent move to lay off 60 roles from its commercial business, and closure of three more branches.
A spokesman confirmed the job cuts saying that the step is being taken to simplify the bank’s retail distribution and financial planning capabilities. Following the changes, the advice team of ANZ will be smaller with the impact to be on various financial planners and support staff members, said the company’s spokesman.
Finance Sector Union of Australia national secretary Julia Angrisano said: “As Australia deals with the serious negative economic impacts of coronavirus and unprecedented bushfires, it is beyond belief that ANZ thinks sacking hundreds of staff will help rebuild trust.
“The risks to the Australian economy are real. That is why the Reserve Bank reduced interest rates to record lows earlier this week. ANZ is a tier-one business, they should be leading the way in mapping out sensible reforms that demonstrate good corporate citizenry.
“Instead, large scale job cuts to boost their own profit at the expense of the broader economy is selfserving and short sighted.”
In late 2019, ANZ closed its branches at Gladstone Park and Endeavour Hills in Victoria and the Burnside branch in South Australia. The banking group is scheduled to close its branches at Castlemaine and Foster this March.
Recent transactions by ANZ to simplify its business
As part of simplifying its wealth business, the banking group recently concluded the sale of its wealth pensions and investments business, called OnePath, to IOOF for AUD850m ($555.87m). The deal, which was closed last month, marked the completion of ANZ’s multi-year strategy of streamlining its wealth business which was launched in 2016.
In 2019, ANZ also divested its Australian life insurance business to Zurich Financial Services for AUD2.9bn ($1.9bn) and its New Zealand life insurance operations to Cigna for about AUD$660m ($431.76m).
