Australian banks continue to automate their businesses and utilize technology to reengineer back-office operations, resulting in job cuts across the industry. ANZ Group, Australia’s fourth-largest bank, is planning to cut 170 jobs from its commercial banking operations, according to a workers’ union report on Tuesday. This move comes as ANZ did not confirm the exact number of job cuts, but stated that changes in headcount would enable them to better support customers through branches and digital platforms.
Wendy Streets, national president of the Finance Sector Union, criticized ANZ, accusing the bank of being solely focused on profits. She mentioned the bank’s substantial profit of A$7 billion last year and questioned their motivation for pushing out staff. However, a spokesperson for the bank mentioned that they are confident many of the affected employees will find alternative roles within the organization.
According to ANZ’s last annual report, the bank’s total headcount was 40,000. In the same report, the bank indicated that first-quarter group revenue was in line with the first-half revenue average for fiscal 2023, a year in which they achieved a record annual profit. The news of job cuts comes as many employees are struggling to adapt to new technologies and changing business models.