The ANZ cuts 30 jobs from institutional banking

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The ANZ bank is cutting 30 jobs from its institutional banking unit.

“We continue to reshape our network by simplifying our business and reducing low returning assets,” a spokesman said.

The cuts are to mainly customer relationship roles in New York, London and Asia.

More than 400 ANZ staff have gone from the bank’s operations in Singapore over the past year, according to Today newspaper.

Bloomberg reported that Australia’s most Asia-focused lender is in the process of restructuring its operations and shrinking its Asian businesses.

The ANZ is due to announce its half year early next month. Deutsche Bank expects the bank to report a net cash profit of $3.436 billion, down 1.8% mainly due to the one-off $145 million settlement of the Oswal court case.

Last month the bank announced the departure of the chief operating officer, Alistair Currie, in a major reshuffle of its operations and technology units.

Shayne Elliott, who became CEO in January, says the changes better support ANZ’s strategic priorities and build on the progress made in technology, operations and shared services.

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