Australian banks are automating their businesses and utilizing technology to reengineer back-office operations, resulting in job cuts across the industry. ANZ Group, Australia’s fourth-largest bank, is the latest to announce such a move.
According to a workers’ union report on Tuesday, ANZ plans to cut 170 jobs from its commercial banking operations. While ANZ did not confirm the exact number of job cuts, they stated that changes in headcount would enable them to better support customers through branches and digital platforms. They also expressed their commitment to investing in data and technology.
Wendy Streets, national president of the Finance Sector Union, criticized ANZ for being solely focused on profits. She questioned the bank’s substantial profit of A$7 billion last year and their motivation for pushing out staff. However, a spokesperson for the bank mentioned that they are confident many of the affected employees will find alternative roles within the organization.
ANZ’s last annual report indicated that first-quarter group revenue was in line with the first-half revenue average for fiscal 2023, a year in which they achieved a record annual profit. This move is part of an industry-wide trend towards greater efficiency and cost savings through automation and technology implementation.