ANZ continues retreat from wealth business
(6 March 2020 – Australia) ANZ has further reduced its footprint in the wealth management sector, confirming 230 job cuts from its private banking and financial planning business.
It is understood that the bank’s remaining headcount in the two wealth units would total fewer than 100.
The cut comes as all of the major banks, to varying extents, have pulled back from the market in the aftermath of the Hayne royal commission.
Despite the job losses, ANZ chief executive Shayne Elliott told a parliamentary committee hearing in Canberra in November that the bank was committed to retaining a salaried financial planning presence for consumers.
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