ANZ May Cut Up To 3500 Jobs Before Christmas

Post by Sharat on November 15, 2008 · Under Company News, banking · Comment

Fairfax Newspapers on Friday reported that ANZ was looking to aggressively cut costs and intended to axe 3000 to 3500 workers and contractors in the face of an economic downturn. The paper cited an unnamed “well placed” source within the company.

The source told the newspaper that the job cuts are expected to take place at least a couple of weeks before Christmas, which does not bode well for ANZ bank employees who do not hang on to their jobs.

“They are moving through the entire organisation. They are trying to take as much cost pressure out as they can,” the source told Fairfax.

ANZ Spokesperson Paul Edwards, when contacted, did not commit to a number but did say a restructuring would mostly affect middle management or less than 10 per cent of employees.
“Although we have said we don’t expect the new structure to impact front line roles, inevitably there will be an impact on roles in middle management,” Mr. Edwards said.

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