ANZ has announced it will cut 3,500 jobs and 1,000 contractors as part of a $560 million restructure headed by new CEO Nuno Matos.

Melbourne

ANZ, one of Australia's major banks, has announced it will cut 3,500 jobs and 1,000 contractor positions over the next year as part of a $560 million restructure. The decision, made by CEO Nuno Martos just four months into his tenure, aims to reduce duplication and refocus the bank's priorities, with most affected roles expected to be in Melbourne, where ANZ is headquartered.

The bank emphasized that the cuts are not related to artificial intelligence and will not impact branch or call centre staff. The announcement follows a recent half-year profit of $3.6 billion and the acquisition of Suncorp Bank, which includes a commitment of no net job losses by the end of 2027. Market analysts noted the scale of the layoffs, which represent 15% of ANZ's workforce, and raised concerns about potential impacts on customer service.

ANZ to slash 3,500 jobs in 12 months

Jobs cut at a big four bank. That we are impacting some employees and their families. Some 3,500 employees over the next 12 months will be made redundant, along with 1,000 contractors. CEO Nuno Martos cracking the whip four months into his new job. Very difficult decision, it's one that you don't like to take. A decision that's even shocked market analysts. Overall, it was expected, just the size is larger, and it clearly shows that he is there not just to sharpen the pencils, but he is there to actually do a bit of crash and bashing and really knock ANZ into shape. ANZ citing the need to avoid duplication and refocus on priorities. This is not about profits, this is about getting the things right, the basic things a bank needs to do right. The $560 million dollar restructure comes just six months after ANZ announced a half year profit of $3.6 billion. This is a disgraceful act on their behalf. The CEO remained tight lipped this afternoon with scarce details on just which roles will be impacted. This decision has absolutely nothing to do with AI. The people in the branch are not being touched, we're not touching our call centres. But the majority of the 3,500 are expected to be in Melbourne, where the bank has its headquarters. This is 15% of their workforce. That is huge. 15%, and they say the work's just going to stop. All that can possibly mean is customers will notice this and notice it quickly. ANZ is the smallest and worst performing of the big four banks, but has the largest workforce, with staff numbering 43,000. Last year it acquired Suncorp Bank for nearly $5 billion. A requirement of that deal is no net job losses by the end of 2027. They have been struggling for market share, they're not growing in the areas of business and retail like NAB for example. Sam Mills, 10 News.

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