ANZ axes hundreds of jobs amid ‘low lending growth’

The major bank yesterday revealed that approximately 200 roles in its Australian division will be made redundant in response to lagging economic conditions.

In an email provided to Mortgage Business, ANZ confirmed that the job cuts are also due to low lending growth and the need to simplify its business and boost productivity.

“The roles are largely based in Melbourne and are mainly managerial and back-office positions in areas such as marketing and project management,” an ANZ spokesperson said.

“All affected staff will have access to support services such as ANZ’s career retraining fund and will be able to apply for other roles within ANZ.”

The bank has an external hiring freeze in place to maximise redeployment opportunities.

News of the massive layoffs comes just weeks after ANZ confirmed that Keiran Evans had stepped down as the group’s head of third-party.

Mr Evans, who had led the team since March 2013, has been replaced by Simone Tilley, who has taken on a new senior role as head of retail broker distribution.

Mortgage Business understands that ANZ’s executive general manager of specialist channels Andrew Baines and head of mobile lending Luke Symons have also stepped down in recent weeks.

Mortgage Business asked ANZ CEO Shayne Elliott about these senior staff changes earlier this month following the bank’s half-yearly profit results.

“Those people changes are really about us reconsidering our approach to market, the way we go about it, but it is not a change in intent,” he said.

The major lender saw its profit plunge by 24 per cent for the six months to 31 March as Mr Elliott flagged a “challenging period for banking”.

The ANZ chief said banking is continuing to experience rapid shifts in technology, customer expectations and regulation against a backdrop of low economic growth, volatile financial markets and rising credit costs.

“Our priority is to take bold action to ensure ANZ is fit and ready for this future.

“This means for the immediate future we are in a period of consolidation, simplification and transition.”

[Related: ANZ restructures mortgage team]

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