ANZ is slashing 230 jobs from its wealth management division in an effort to cut costs, after it cut 60 jobs from its commercial business and closed three branches only a few weeks ago.
According to the Finance Sector Union (FSU), ANZ is preparing to axe 230 employees from its private bank and advice business, in an effort to “rebuild trust in the financial advice industry”.
But ANZ’s move has received harsh criticism from FSU, which has opined that “cutting 230 more jobs does not meet the pub test for rebuilding trust nor does it meet the needs of staff, customers or the community”.
ANZ’s chief executive, Shayne Elliott, last year initiated a broad cost-cutting program in a bid to save the bank $1 billion over the next three years. Last year alone, the bank closed 35 branches.
Speaking to sister publication ifa, an ANZ spokesperson said: “We are now making some changes to simplify our retail distribution and financial planning capabilities so we can provide more focused and meaningful advice for our most financially complex customers. This means the advice team will be smaller, which will impact a number of our financial planners and support staff members.”
FSU has, however, opined that the job cuts are “all about cutting costs to increase their profits”.
“FSU members are already reporting they are working longer and harder, it’s time ANZ invested in their staff and customers.”
The union has also called for ANZ to consult with workers and communities before making the decision to close branches.
Late last year, David Scanlon, FSU’s local executive secretary for Victoria and Tasmania, said that “the real reason the bank closes branches is because the branch is not generating enough profits for the bank”.
“It is a disgrace that ANZ is blaming customers for its ‘decision to shut branches’,” he said at the time.
The bank announced 60 job cuts in February and has closed three branches in the past month.
Maja Garaca Djurdjevic is the editor of My Business.
Maja has an extensive career as a journalist across finance, business and market intelligence. Prior to joining Momentum Media, Maja spent several years unravelling social, political and economic intricacies in Eastern Europe.
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