In a significant move aimed at streamlining operations, Australia and New Zealand (ANZ) Banking Group Limited plans to cut approximately 3,500 jobs by September 2026. The announcement, made on September 9, 2025, included details about the bank’s intent to reduce its reliance on consultants and third-party services, as part of a broader strategy to simplify its structure.
ANZ’s Chief Executive Officer, Nuno Matos, stated that the bank would also re-evaluate its relationships with around 1,000 managed services contractors. “Our changes also include ending or reviewing our engagements with consultants and other third parties,” Matos noted, underscoring the bank’s intention to operate more efficiently.
The financial implications of these changes are notable; ANZ anticipates a restructuring charge of approximately $560 million before tax in the second half of 2025. This financial adjustment highlights the challenges that lie ahead as the bank navigates its transformation.
Matos acknowledged the emotional toll these changes could have on employees. “We know this will be difficult news for some of our staff,” he remarked, emphasizing the importance of handling the situation with care. “While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.”
In an effort to cushion the blow for those losing their jobs, ANZ has pledged to roll out a robust support program. This initiative will offer individual assistance, career advice, planning support services, and access to a career training fund to help affected employees transition smoothly into new opportunities. After all, in the world of finance, job cuts can be a bit like reorganizing a Tetris game—there’s often more at stake than just the blocks on the screen.
What is the reason behind ANZ’s decision to cut jobs?
The layoffs are part of a broader strategy to simplify the bank’s operations and reduce reliance on consultants and third-party services.
How many jobs will be affected by ANZ’s restructuring?
Approximately 3,500 jobs are expected to be cut by September 2026.
What support will be available for employees affected by the layoffs?
ANZ will provide a comprehensive support program that includes individual assistance, career advice, planning support services, and access to a career training fund.
