Australian-based ANZ Group will cut 3,500 jobs and 1,000 contractors as part of a major restructuring plan, according to Reuters. The bank will take a $369 million restructuring charge. CEO Nuno Matos said that while the job cuts are difficult, they are necessary to eliminate duplication, halt non-priority projects, and ensure ANZ changes quickly but safely for its future. The cuts, representing about 8% of its workforce, come after ANZ’s $4.9 billion merger with Suncorp Bank. Matos emphasized a shift toward a performance-driven culture while retaining customer-facing roles. Analysts said the reductions could boost profitability and productivity, though benefits may not be fully realized until 2027. The Finance Sector Union criticized the cuts as unnecessary and chaotic. ANZ will release a strategic review on October 13.
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