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ANZ seeking more staff cuts

23 October 2008 5:13PM
ANZ may be seeking twice the level of staff cuts from a current business restructure in Australian than previously flagged.In early September the bank announced a reorganisation of its domestic business, one theme of which was that it planned to hack out five layers of middle management. While the bank did not specify a target at the time the two main Melbourne newspapers put the staff cut target at "hundreds" and "up to 500 staff".The Australian reported today that "it is now thought that figure could at least double, amid expectations that the bank will raise a restructuring provision in today's annual profit result."

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