ANZ leads job cuts
(8 December 2008 – Australia) After a range of investment banks cut jobs in Australia, ANZ has announced that 800 jobs will be cut from its workforce by the end of the year.
After Investment banks Macquarie Bank, Goldman Sachs and Deutsche Bank sacked 100, 40 and 30 bankers and advisors respectively last week, ANZ announced the size of their cuts to be 800 staff.
While previous forecasts were around 500, chief executive, Mike Smith, told staff at the bank's Melbourne headquarters the size of the measures.
According to the Australian newspaper, around half the 800 sackings have been made, with the rest to occur in the next fortnight before Christmas. The majority will occur in the bank's Australia and New Zealand operations.
Most of the ANZ cuts will reportedly be made to the bank's middle management positions, while branch and call centre staff are expected to be safe.
The job reductions have continued across the globe, with firms including Credit Suisse, Nomura, Commerzbank/Dresdner Kleinwort and State Street all feeling the pressure to cut costs.
The biggest job cuts will be made at Credit Suisse, which has outlined plans to reduce its workforce by 5300 staff, or 11 percent of its global workforce.
While previous forecasts were around 500, chief executive, Mike Smith, told staff at the bank's Melbourne headquarters the size of the measures.
According to the Australian newspaper, around half the 800 sackings have been made, with the rest to occur in the next fortnight before Christmas. The majority will occur in the bank's Australia and New Zealand operations.
Most of the ANZ cuts will reportedly be made to the bank's middle management positions, while branch and call centre staff are expected to be safe.
The job reductions have continued across the globe, with firms including Credit Suisse, Nomura, Commerzbank/Dresdner Kleinwort and State Street all feeling the pressure to cut costs.
The biggest job cuts will be made at Credit Suisse, which has outlined plans to reduce its workforce by 5300 staff, or 11 percent of its global workforce.
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