Unhinged: ANZ plans to axe 3,500 jobs in ruthless profit grab   :(
Finance Sector Union
September 10 2025.
The Finance Sector Union (FSU) has condemned ANZ for betraying 3,500 workers in one of the world's most profitable banks, saying planned cuts are unhinged, reckless, unncessary and driven by pure greed.

The FSU says it’s a huge insult that workers who have found out their jobs are on the line through a news alert that’s popped up on their phone while they’re making their breakfast or getting the kids ready for school.

This comes off the back of ANZ’s credibility already being in question after a humiliating email botch-up under Nuno Matos’ leadership revealed job cuts to staff once again before they had even been briefed.

This amounts to corporate vandalism and shows utter contempt for staff, customers and the community, the union says.

The cuts would impact 14 per cent of the workforce from its retail and technology divisions.

When asked by the FSU who would do the work of the 3,500 sacked staff, ANZ had no answer — except to say the work would simply stop.

The FSU will be fighting for workers by taking this to the Fair Work Commission.

Finance Sector Union National President Wendy Streets:

“ANZ’s plan is pure corporate vandalism: destroying livelihoods, gutting communities and feeding greed.

“ANZ is one of the most profitable banks in the world, yet it is betraying 3,500 workers simply to chase even bigger profits. This is out of control — it’s not strategy, it’s unhinged.   >:(

“This isn’t a plan, it’s chaos. You cannot build the future of Australia’s biggest bank on secrecy, incompetence and betrayal.

“Workers built this bank and kept it strong through crisis after crisis, now those same workers are being discarded so ANZ executives can feed an out-of-control profit machine.”   >:(

Just the start.

NAB are cutting jobs too.

Before long all banks will be like BankWest.

i.e. No branches - just online banking.

‘Unhinged’: 4500 jobs to be slashed in ANZ restructure   :o
New Daily
Sep 09, 2025


ANZ says its restructure will focus on the priorities of customers.


The ANZ will slash thousands of jobs as it embarks on a major restructure, sparking criticism of the “unhinged” decision.

ANZ – the smallest of Australia’s big-four banks –  announced on Tuesday that 3500 staff and 1000 contractors would be laid off by September 2026 as part of the $560 million plan.   :o


It said it was part of a push to simplify operations and focus on the “priorities of customers” alongside a sweeping move to cut consultant spending.

However, experts took aim at the bank’s reasons for the mass lay-offs.

The job losses may be an ANZ risk-management exercise, Swinburne University law and corporate governance expert Helen Bird said.

“Now it’s not clear they’re doing that, but it always raises a disquiet,” she said.

“Those are my principal concerns. But the reason why they arise in the first place is because of the opaque way in which the bank has expressed its reasons.”

Cutting costs signalled an attempt to lift profits where high-level executives were usually the benefactors, Bird said.

“They get what we call an executive bonus for lifting the price of the stock,” she said.

“Everything that’s done has a range of agendas. That’s possibly not the only one, but it doesn’t hurt.”


The Finance Sector Union savaged the job cuts, describing them as a betrayal.

“ANZ is one of the most profitable banks in the world, yet it is betraying 3500 workers simply to chase even bigger profits,” union national president Wendy Streets said.

“This is out of control. It’s not strategy, it’s unhinged.”

News of the cuts at ANZ was accidentally leaked in the past fortnight after some staff were informed via email to return laptops prior to being told of their removal.

ANZ said it was looking at a $560 million restructuring charge, with the final number to be recorded in its full-year earnings update in November.

A strategy update will be provided to investors on October 13.

ANZ said the restructure would reduce duplication and have limited impact on frontline-facing customer service roles.

The bank also vowed to meet its commitments to the federal and Queensland governments following its Suncorp Bank acquisition, with roles at the state lender set to be preserved.

“We know this will be difficult news for some of our staff,” ANZ chief executive Nuno Matos said.

“While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, for both care and respect for our teams affected.”

Outgoing staff will be provided support, including career advice.

“While recognising our teams will change the way we structure the bank and deliver our priorities, what won’t change is the dedication of our customer-facing bankers,” Matos said.

In May, ANZ posted a half-year cash profit of $3.6 billion on the back of a five per cent jump in revenue to almost $11 billion.

ANZ shares were trading down half a percentage point at $32.775 early on Tuesday afternoon.

The bank has a market capitalisation of $98.3 billion.

When I watched this report last night, I was so angry.
Because, the laid off workers had no idea and received a text message or similar….letting them know they no longer have a job… in the morning when they were all either getting school lunches for kids, or driving en-route to work.
And the profit this greedy bank made for last 6 months was something like 3.6 billion?
Well…. this phone banking only has given my daughter the wrong advice already and she lost $600 interest because of that Indian accented person on the phone that obviously had no idea WTF they were advising. I want to fight this but daughter is a bit stressed already from house shifting. I just can’t let this go. All that profit that bank makes and I’m reeling with contempt. The solicitor/conveyancer said to my daughter, ANZ bank is the worst bank to deal with. Says something doesn’t it.

This is what it’s all come to…. Banks are not for people like many had been made to believe in past.
It seems a lot are flocking towards Bendigo Bank.
So much for customer loyalty…. I’ve been with ANZ 53 years.
I’ve seen better days.
Now it stinks to high internet hell.