09.09.2025 09:51
Australia's leading bank, ANZ, is entering a comprehensive restructuring process. As part of this plan, the bank will initially lay off 3,500 employees. Experts indicate that this decision could cause a ripple effect throughout the entire Australian banking sector.
The Australia-based ANZ Group has announced a large-scale downsizing plan. The bank's new CEO, Nuno Matos, stated that 3,500 employees will be laid off. This move is considered one of the largest waves of layoffs seen in the banking sector in the country in recent years.
THEY ARE RESTRUCTURING
ANZ indicated that the downsizing will incur a restructuring cost of 560 million Australian dollars (approximately 369 million US dollars). The bank emphasized that this process aims to increase operational efficiency in the long term and simplify the organizational structure.
Employing approximately 43,000 people, ANZ has a larger workforce compared to its competitors Westpac and National Australia Bank. However, the new plan includes not only full-time employees but also 1,000 contractors. Additionally, contracts with consultants and third-party companies will also be reviewed.
IT WILL CAUSE TURBULENCE IN THE BANKING SECTOR
Experts indicate that this decision by ANZ could lead to turbulence not only within the institution but also throughout the entire Australian banking sector. It is anticipated that other financial institutions may take similar steps.