On Tuesday woker’s union said that Australia and New Zealand Group (ANZ) is planning to cut 170 jobs at its commercial banking operations. Use of technology, and automation is also taking over the banking system. They are looking for ways to cut costs, and adopt the latest technology.
However, ANZ group did not confirm the number of jobs cut. They said that for better customer and digital platforms support, they are investing in data and technology. According to the bank spokesperson, many of its employees will find alternative roles within ANZ group.
Meanwhile, National president of the Finance Sector Union, Wendy Streets criticized the bank for focusing on profits. She said in a statement, ‘’ANZ made a profit of A$7 billion last year and we can’t understand why it wants to push staff out of doors.’’
According to the last annual report of the bank, it had a total headcount of 40,000.
According to Financial Review, this cut in jobs will affect about 1300 workers. Around 3000 commercial banking staff from Australia are expected to lose their jobs. Ms Street said that they are telling staff that this is about being the best in the industry. He believes that there will be reduction in staff and ultimately it leaders to reduction in service standards.
The bank spokesperson said, ‘’ “We remain committed to investing in data and digital capabilities, complemented by relationship bankers, and will expand in growth areas such as agribusiness,”