This article was last updated on April 16, 2022
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Australia’s third largest bank, ANZ declared 492 job cuts with immediate effect. They announced slashing down of another 508 positions in the next four months.
The staff at ANZ was given the deadly news Monday morning. The bank has a total workforce of 24,000. It already announced 136 job cuts the previous month. According to the announcement made, a major chunk of the job deductions will be from the middle management, support staff, and back office. The customer service staff is expected to remain the most unaffected with the decision. The affected workers will be offered assistance in financial terms and training to help them find better work opportunities within the organization and elsewhere.
The chief executive ANZ Australia, Philip Chronican blamed the current economic situation for the sacking. He said it was difficult to cope with a huge workforce with no profits at a time of weak demand for financial services.
He said, “A different and very difficult environment is now emerging for banks globally. Just as we are seeing in other parts of the Australian economy, we are also having to adapt our business to the new conditions and become leaner and more agile so we ensure the bank remains strong and can grow and invest for the future.”
He further announced that the executives at ANZ will not receive any wage increments this year.
Union officials were informed in a meeting today, after which they threatened to take action including going on a strike.
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