ANZ to Cut 3,500 Jobs in Major Australian Restructure

Australia’s Australia and New Zealand Banking Group (ANZ) will cut about 3,500 jobs by next September as part of a broad organisational restructure, the bank said, with further reductions among managed services contractors expected as it reviews third‑party arrangements.

The new chief executive, Nuno Matos, said the measures respond to "a rapidly evolving and highly competitive banking environment," and that the changes include ending or reviewing engagements with consultants and other third parties, affecting around 1,000 managed services contractors.

ANZ did not provide an immediate breakdown of which roles would be eliminated or which business units would bear the largest reductions. The bank said the restructure will change how teams are organised and how priorities are delivered, but stressed that its customer-facing bankers will continue to support customers "day in, day out." Matos described the moves as part of efforts to position the bank for long-term competitiveness.

The announcement covers employee headcount reductions across ANZ’s Australian operations and a separate, significant impact on contractor roles tied to managed services. The bank said the contractor changes are a consequence of ending or reviewing relationships with consultants and other third parties as part of the restructure.

The timeline set by ANZ requires the bulk of job cuts to be completed by September 2026. The bank did not disclose the expected cost savings, restructuring charges or the measures it will take to support affected employees and contractors during the transition.

Analysts and industry observers have noted continued pressure on major Australian banks from tighter margins, higher compliance costs and shifting customer behaviour, factors Matos referenced in outlining the need to adapt. ANZ joins other financial institutions that have recently announced cost-reduction programs as they respond to technological change and heightened competition from both established rivals and nonbank entrants.

ANZ’s statement emphasised that the restructure is designed to change how the bank allocates resources and delivers on strategic priorities. It said the decisions were not taken lightly and that the bank will notify affected staff and contractors in line with legal and regulatory requirements.

The bank did not immediately provide further details on which geographic areas or product lines would be most affected, nor did it give a date for when further information would be released. Investors and customers looking for more information were directed to the bank’s corporate communications channels.