ANZ Bank has let go of more than 4000 staff in the past year

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ANZ’s results for the half year to March are out, showing a 4% lift in cash profit to $3.32 billion.

Much of this has been helped by the streamlining of the bank’s operations under CEO Shayne Elliott, including the sale of six retail and wealth businesses in Asia and its Australian Life Insurance business.

At the end of March this year the bank employed 41,850 full-time equivalent staff worldwide (including in its discontinued operations), compared to 46,046 at the same time in 2017. It’s a reduction of 4,196.

These are full-time equivalent positions, so some of them would have been job-share or part-time staff, meaning the number of people affected would be higher although the documents do not break this down.

All of Australia’s major banks are shedding staff through a combination of restructuring and technology-driven redundancies.

Here’s the tally for ANZ, including the discontinued operations.


The results also show that, looking at continuing operations, the banks staff numbers have fallen below 40,000 to 39,450, representing a 10% reduction in the number of full-time equivalent jobs.

This has led to $117 million in operational cost savings.

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