ANZ announces workforce reduction, strategic shift to boost focus

ANZ today announced strategic changes to simplify its operations, strengthen its focus on key priorities, and improve customer delivery. The bank anticipates approximately 3,500 employees will depart the group by September 2026 and plans to reduce engagements with consultants and other third parties, impacting around 1,000 managed services contractors. Key changes include accelerating focus on non-financial risk management, reducing duplication, and ensuring investments support customer priorities.

ANZ chief executive Nuno Matos stated the ambition is for ANZ to be the best bank for its customers while sustainably meeting long-term performance expectations. The bank is providing a comprehensive support program for affected staff, including individual support, career advice, planning services, and access to a career training fund. ANZ will also consult with staff and engage with relevant unions.

The 2H25 P&L is expected to include a restructuring charge of approximately $560 million before tax, with the final charge to be updated in the full year results release on November 10, 2025. ANZ will provide a strategy update to investors on October 13, 2025. The bank confirms limited impacts to frontline customer-facing roles and its commitments regarding the Suncorp Bank acquisition.