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Australia’s ANZ plans to chop 170 enterprise banking jobs —union

Australia's ANZ plans to cut 170 business banking jobs —union

A pedestrian is mirrored within the window of a department of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File photograph

SYDNEY  —Australia’s fourth-biggest financial institution ANZ Group plans to chop 170 jobs at its industrial banking operations, a employees’ union mentioned on Tuesday.

Australian banks have been shedding jobs as they give the impression of being to automate their companies and make use of know-how to reengineer back-office operations.

ANZ didn’t verify the variety of job cuts however mentioned that headcount modifications would permit it to assist extra clients throughout branches and digital platforms, and that it remained dedicated to investing in knowledge and know-how.

READ: ANZ pronounces main banking takeover

A financial institution spokesperson mentioned ANZ was assured lots of the staff involved will discover various roles throughout the group.

Wendy Streets, nationwide president of the Finance Sector Union, criticized the financial institution, saying it was simply targeted on income.

“ANZ made a revenue of A$7 billion final yr and we will’t perceive why it needs to push workers out the door,” she mentioned in a press release.

ANZ had complete headcount of 40,000, in response to its final annual report.

The financial institution this week mentioned first-quarter group income was consistent with the quarterly common of first-half income for fiscal 2023 – a yr when it made document annual revenue.

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