Australian banks are increasingly automating their businesses and utilizing technology to reengineer back-office operations, resulting in job cuts across the industry. On Tuesday, it was reported that ANZ Group, Australia’s fourth-largest bank, is planning to cut 170 jobs from its commercial banking operations.
While ANZ did not confirm the exact number of job cuts, they stated that changes in headcount would enable them to better support customers through branches and digital platforms. The bank also expressed their commitment to investing in data and technology. A spokesperson for the bank mentioned that they are confident many of the affected employees will find alternative roles within the organization.
The Finance Sector Union criticized ANZ, accusing the bank of being solely focused on profits. Wendy Streets, national president of the union, questioned the bank’s motivation for pushing out staff despite their substantial profit of A$7 billion last year. According to ANZ’s last annual report, their total headcount was 40,000 and first-quarter group revenue was in line with the first-half revenue average for fiscal 2023.