Digital & Technology

ANZ Proposes Job Reductions Amid Technological Advances

ANZ, an Australian bank, is considering reducing its workforce and embracing technological automation.

This move has sparked criticism from a labor union, which has highlighted the bank's decision to eliminate positions following a financially successful year, according to some reports.

The bank aims to eliminate 170 positions in its commercial banking sector, as reported by a Reuters article referencing the Finance Sector Union of Australia. While a representative from ANZ did not verify the specific number of job reductions, they mentioned that adjusting the number of employees would enable the bank to better serve customers through both physical branches and online platforms. The representative further affirmed ANZ's dedication to investing in data and technology.

In response, Wendy Streets, the national president of the Finance Sector Union, expressed disapproval of ANZ's decision to cut jobs after the bank reported a profit of A$7 billion ($4.5 billion) for the fiscal year 2023, with a workforce totaling 40,000 employees. Streets questioned the rationale behind the bank's push to reduce its staff in light of its financial success.