ANZ is gutting its economics research department

Wood chopping at the Sydney Royal Easter Show. Mark Kolbe/Getty Images

ANZ is making 40% of the 70 roles at its research department redundant.

Of the 28 jobs to go in the economics, strategy and publications teams, 11 are currently vacant.

One of those is the position of the high profile Warren Hogan who resigned as chief economist last month after 11 years.

The ABC reported ANZ insiders are saying they are concerned that the quantity and quality of research will have to be cut back significantly.

“We’ll be maintaining a sizable and experienced research team, comprising of more than 45 analysts and support staff, who will work with our businesses across the region,” an ANZ spokesman told Business Insider.

The largest teams will be in Australia, New Zealand, Hong Kong and Singapore.

“The team will remain focused on the things our customers value most — unique insights and quality forecasts in relation to our core economies and global financial markets,” the spokesman said.