ANZ to sack up to 170 business banking staff
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The news: ANZ is expected to sack up to 170 staff in its business banking teams as it shifts lower tier and simpler business banking users to an entirely digital product, the AFR reported.
The numbers: The restructure will impact around 1,300 workers, with 170 people – about 5% of ANZ’s Australian commercial banking staff – expected to lose their jobs.
On Monday ANZ said its first-quarter group revenue was in line with the $5.26 billion quarterly average for the first half last year, as lending growth remained robust across the Australian retail and commercial franchise.
The context: According to Finance Sector Union national president, Wendy Streets, ANZ told employees about the restructure in meetings on Thursday and Friday, while consultation with members is set to start later this week.
Meanwhile, the Australian Competition Tribunal is due to deliver its final decision on ANZ's proposed $4.9 billion acquisition of Suncorp Bank, which competition regulators blocked last year, on 20 February.
The source: AFR
