Overview
Australia’s ANZ Group, the country’s fourth-largest bank, has announced plans to cut 3,500 permanent jobs and 1,000 contractor roles as part of a massive restructuring plan under new CEO Nuno Matos.
The cuts, which represent about 8% of the bank’s workforce, will take effect by September 2026. ANZ said the move aims to simplify operations, reduce duplication, and establish a more performance-driven culture.
Why the Cuts?
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CEO Nuno Matos, who joined in May 2025, stressed that the decision was not easy but necessary for long-term growth.
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ANZ will take a A$560 million (US$369 million) restructuring charge to implement the changes.
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Customer-facing roles and staff connected to the acquisition of Suncorp Bank are expected to be largely unaffected.
Market and Union Reactions
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Investors initially welcomed the news, with ANZ’s share price rising by 1% before falling back by 0.5%.
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The Finance Sector Union criticized the decision, calling it “chaotic” and harmful to employees.
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Analysts say the cuts could improve efficiency in ANZ’s retail and technology divisions.
What’s Next?
A full strategic review of the bank’s operations is scheduled for October 13, 2025, where more details about future direction will be revealed.