(13 February 2024 – Australia) ANZ is cutting up to 170 staff in its business banking division as it seeks to move smaller sized SMEs with less complex needs to self-service digital channels.
The bank is seeking to shift lower tier and simpler business banking users to an entirely digital platform while servicing complex sophisticated business banking clients with dedicated relationship management resources.
ANZ is also scrapping withdrawals and over the counter deposits at a number of Sydney branches following last year’s decision to cease over-the-counter cash transactions at selected metropolitan branches, citing a dramatic fall in demand for in-branch transactions. Customers can still conduct cash and cheque deposits and cash withdrawals using ANZ’s Smart ATM and coin deposit machines.
“They are telling staff that this is about being the best in the industry, but that is hard for us to grapple with when there will be a reduction in staff, business centres and, ultimately, service standards. For a bank that made A$7 billion in profits last year, we don’t understand why people need to be put on the unemployment list” stated Finance Sector Union National President, Wendy Streets.