FSU president Wendy Streets
ANZ will slash up to 170 jobs in its commercial banking division ahead of a restructure of business operations in the coming months.
Details of the latest job cuts at the bank were disclosed on Tuesday by the Finance Sector Union, which also claimed that ANZ was planning to shutter business banking centres across the country.
An ANZ spokesperson confirmed that the bank was reducing staff numbers in the commercial arm, but could not quantify how many business centres would be closed under the restructuring program.
“While we recognise this is a challenging time for our people affected by these changes, we’re providing support and we’re confident many employees will find alternative roles within ANZ,” a bank spokesperson said.
“These changes will allow us to flexibly support more customers with simpler needs across branches, digital platforms, and our National Business Centre.
“We remain committed to investing in data and digital capabilities, complemented by relationship bankers, and will expand in growth areas such as agribusiness.”
FSU national president Wendy Streets said the restructuring would affect around 1300 staff employed in the commercial bank, but said the bank stood less chance of expanding its presence in the SME banking market by reducing staff.
“ANZ boss Shayne Elliot is saying he wants to improve the company’s share of the business banking but you don’t improve services by reducing the workforce,” Streets said.
“If he wants to beat the other big banks in business services he clearly shouldn’t be downsizing his workforce.
“Staff are being told this is about being the best in the industry but it’s hard to understand how ANZ can seriously believe that story when this will lead to jobs disappearing, the remaining staff being forced to pick up the work and cuts to the numbers of business centres the bank operates.”
ANZ has the smallest share of the small business banking market among the four major Australian banks.
In a bid to boost its market presence the bank poached former CBA executive Clare Morgan in December 2022 to take the reins of the commercial division.
The division generated the highest returns of all arms of the bank and boosted revenue by 11 per cent in the 12 months to the end of September.