Automation and Job Cuts: The Australian Banking Industry in Transition

ANZ in Australia to Cut 170 Business Banking Jobs, Union Reports

The Australian banking industry is witnessing a wave of job cuts as banks seek to automate their businesses and utilize technology to streamline back-office operations. ANZ Group, Australia’s fourth-largest bank, is reportedly planning to cut 170 jobs at its commercial banking operations, according to a workers’ union.

ANZ did not confirm the exact number of job cuts but stated that these changes are intended to better support customers across branches and digital platforms. The bank also reiterated its commitment to investing in data and technology. A bank spokesperson expressed confidence that many of the affected employees will be able to find alternative roles within the group.

The Finance Sector Union’s national president, Wendy Streets, criticized ANZ’s decision, accusing the bank of being solely focused on profits. She pointed out that ANZ reported a profit of A$7 billion last year, questioning the bank’s rationale for wanting to push staff out the door. Despite the job cuts, ANZ announced that its first-quarter group revenue was in line with the quarterly average of first-half revenue for fiscal 2023, a year in which the bank made a record annual profit. This suggests that ANZ is maintaining strong financial performance despite changes to its workforce.

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