“I don't understand why a bank that made $7 billion in profits last year would have to put people on the unemployed list.”
ANZ said it understands this is a difficult time for staff.
A spokesperson said: “We are offering support and are confident that many employees will find alternative roles within ANZ.” “These changes will give us the flexibility to support more customers with simpler needs across our branches, digital platforms and national business centres.”
“We continue to focus on investing in our data and digital capabilities and, with the support of our relationship bankers, expand into growth areas such as agribusiness.”
“ANZ Commercial Bank is committed to serving Australia's small and medium-sized businesses.”
The company said this week that its revenue for the first quarter of fiscal 2024 was “on par with approximately $5.26 billion in the same period last year, due to strong loan growth” in both its retail and commercial banking segments. ” was announced.
Barrenjoey analyst John Mott said the commentary was “slightly stronger” than at December's ANZ AGM, but net interest margins were still weak due to vicious competition in mortgages. He said he thought it was getting worse.
“While we are impressed with the turnaround in ANZ institutions, given New Zealand's economic pressures and Australian earnings risks, it is difficult to be optimistic after the recent rally,” Mr Mott said.
The bank last cut its workforce in November, making 60 employees redundant in its risk department, 30 of whom were sent overseas. In total, the Big Four banks cut more than 2,000 jobs last year, with 60,000 banking jobs lost worldwide, in one of the heaviest years for layoffs since the global financial crisis.
ANZ is also awaiting a final decision from the Australian Competition Tribunal on its proposed $4.9 billion takeover of Suncorp's banking division, which the competition regulator blocked last year.
ACT is expected to make a decision on February 20th.