On Tuesday, a workers’ union reported that ANZ Group (ANZ.AX), Australia’s fourth-largest bank, has announced plans to cut 170 jobs at its commercial banking operations.
Australian banks have been laying off employees as they actively pursue automation in their operations. Simultaneously, they are utilizing technology to reengineer back-office processes.
ANZ did not confirm the number of job cuts; however, the bank stated that the changes would enable it to serve more customers across branches and digital platforms. Additionally, ANZ emphasized its commitment to continued investment in data and technology.
A spokesperson for the bank affirmed ANZ’s confidence in the affected employees finding alternative roles within the group.
Wendy Streets, national president of the Finance Sector Union, slammed the bank, claiming it was only interested in profits.
“ANZ made a profit of A$7 billion last year and we can’t understand why it wants to push staff out the door,” according to a statement released by the company.
According to its most recent annual report, ANZ had a total of 40,000 employees.
This week, the bank reported that first-quarter group revenue aligned with the quarterly average of first-half revenue for fiscal 2023. During that year, the bank achieved a record annual profit.
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