© Reuters. FILE PHOTO: A pedestrian is mirrored within the window of a department of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Picture
SYDNEY (Reuters) – Australia’s fourth-biggest financial institution ANZ Group plans to chop 170 jobs at its industrial banking operations, a staff’ union mentioned on Tuesday.
Australian banks have been shedding jobs as they give the impression of being to automate their companies and make use of expertise to reengineer back-office operations.
ANZ didn’t verify the variety of job cuts however mentioned that headcount adjustments would enable it to help extra prospects throughout branches and digital platforms, and that it remained dedicated to investing in information and expertise.
A financial institution spokesperson mentioned ANZ was assured lots of the staff involved will discover different roles inside the group.
Wendy Streets, nationwide president of the Finance Sector Union, criticised the financial institution, saying it was simply targeted on income.
“ANZ made a revenue of A$7 billion final 12 months and we won’t perceive why it needs to push workers out the door,” she mentioned in a press release.
ANZ had complete headcount of 40,000, in line with its final annual report.
The financial institution this week mentioned first-quarter group income was in keeping with the quarterly common of first-half income for fiscal 2023 – a 12 months when it made report annual revenue.
