Two hundred ANZ employees will be saying farewell to their positions at the bank due to poor economic conditions. The Australian & New Zealand Banking Group currently has 48,896 employees and over the six months up to March, have reduced its full-time work force by 1,256. The bank advised their staff of the redundancies with cuts mostly in the Melbourne office and back-office workers within marketing and project management.
ANZ spokesman Stephen Ries said, “The changes are in response to subdued economic conditions, low lending growth and the need to simplify our business and improve productivity” ANZ was expecting a cash profile of $3.6 billion but instead posted a 24% fall in cash profit to $2.8 billion for the six months to March. The bank has also not reduced its shareholder payout since the GFC but cut its interim dividend by 7% to 80 cents a share.
Ries also explained that workers would go through a “preference and selection” process in which they could apply for positions in scaled-down departments. “All affected staff will have access to support services such as ANZ’s career retraining fund and will be able to apply for other roles within ANZ.” For those unsuccessful in finding a suitable role within the bank will be losing their jobs within the next month.