1000 job cuts from ANZ
(14 February 2012 – Australia) Reports have emerged that ANZ is about to cut 1000 jobs as the company shrinks its Australian workforce due to "weak demand for financial services."
The Finance Sector Union (FSU) made the announcement on Monday morning. ANZ said the cuts were in response to the changing environment for banks worldwide.
These changes include "intense pressure on margins associated with higher funding costs, lower consumer and business demand for financial services, and increasing global regulation," the bank said in a statement.
Most of the job losses are expected to occur from its head office in Melbourne. ANZ currently employs approximately 24,000 staff in Australia and 49,000 world-wide.
The job cuts come just days before ANZ is expected to report a first-quarter cash profit of A$1.44 billion. Last Friday, the bank also broke ranks with the RBA to lift its variable lending rate 6 basis points - claiming the rise clawed back just one-third of the increase in its own borrowing costs in recent months.
Speculation has centred on ANZ as likely to be among the most aggressive of the major banks in terms of job cuts, with BusinessDay last month foreshadowing the big reductions.
Westpac last month announced plans to cut about 560 jobs with internal sources saying the number may be triple.
These changes include "intense pressure on margins associated with higher funding costs, lower consumer and business demand for financial services, and increasing global regulation," the bank said in a statement.
Most of the job losses are expected to occur from its head office in Melbourne. ANZ currently employs approximately 24,000 staff in Australia and 49,000 world-wide.
The job cuts come just days before ANZ is expected to report a first-quarter cash profit of A$1.44 billion. Last Friday, the bank also broke ranks with the RBA to lift its variable lending rate 6 basis points - claiming the rise clawed back just one-third of the increase in its own borrowing costs in recent months.
Speculation has centred on ANZ as likely to be among the most aggressive of the major banks in terms of job cuts, with BusinessDay last month foreshadowing the big reductions.
Westpac last month announced plans to cut about 560 jobs with internal sources saying the number may be triple.
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