ANZ to lay off 3,500 employees

Core Viewpoint - Australia and New Zealand Banking Group (ANZ) has announced a restructuring plan that includes laying off approximately 3,500 employees by September 2026 to simplify operations and enhance focus on priorities [1][2]. Restructuring Plan - The restructuring will also involve reducing engagements with consultants and third parties, impacting around 1,000 managed services contractors [1]. - The initiative is expected to incur a charge of approximately A$560 million (US$370 million) before tax in the second half of 2025 [2]. - ANZ's CEO, Nuno Matos, acknowledged the difficulty of the news for staff and emphasized a commitment to manage the impacts with care and respect [2]. Strategic Focus - The bank is operating in a rapidly evolving and competitive banking environment, leading to the elimination of duplication and complexity in operations [3]. - ANZ aims to stop work that does not support its priorities and improve non-financial risk management practices across the organization [3]. Employee Support Initiatives - ANZ has introduced support initiatives for affected employees, including personalized assistance, professional development guidance, and access to a dedicated training fund for upskilling and reskilling [4]. - The final details of the restructuring charge will be disclosed in the full year results on 10 November 2025 [4]. Financial Performance - For the half year ended 31 March 2025, ANZ reported a statutory profit of A$3.64 billion, reflecting a 16% increase from A$3.12 billion in the previous half [5]. - Total revenue for ANZ rose to A$10.99 billion, a 5% increase compared to A$10.46 billion in the prior period [5].