ANZ to Axe 800 Jobs Before Christmas

Post by NeilMc on December 8, 2008 · Under Company News, banking · Comment 

Australian banking major and the countries fourth largest lender ANZ plans to axe 800 jobs just before Christmas as part of its cost cutting response to the global financial crisis. CEO Mike Smith announced the job cuts to staff in Melbourne on Friday and said that most of the cuts will come from mid management according to the Australian Broadcasting Corporation.

Financial Services Union spokesman Leon Carter said “The fact that they continue to roll out job losses so close to Christmas is completely unacceptable, this is simply about using the financial crisis as cover to get people to lose their jobs, save costs and maximise money for shareholders. They continue to be a very profitable organisation,”

ANZ reported full year profits at the end of October and reported a 21 per cent decline in annual net profits, its first decline in a decade. Of the big four Australian banks, ANZ has some of the highest exposure to toxic assets on its balance sheet and has been hit the hardest by global financial turmoil.

When asked for a response to the job cuts Australian Prime Minister Kevin Rudd urged Australian banks to maintain employment levels. “This is a very difficult set of economic circumstances for everybody. It’s very difficult for families as well. Each individual bank’s circumstances is different. We would encourage and urge the banks to continue to provide maximum employment for the workforce. That’s the right thing to do.” Mr. Rudd said to reporters.

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