Sydney, September 9, 2025 — Australia and New Zealand Banking Group (ANZ) has announced plans to cut 3,500 jobs, or about 8 percent of its workforce, as part of a sweeping restructuring program under its new chief executive, Nuno Matos.
Major Cost-Cutting Drive
The cuts, to be completed by September 2026, will also include about 1,000 contractor roles. The move is expected to cost the bank roughly A$560 million in restructuring charges. Matos, who took over in May, said the changes are essential to improve efficiency and prepare the bank for a more competitive environment.
“This is not an easy decision, but it is necessary to ensure ANZ is fit for the future,” he said, emphasizing that the bank would focus on simplifying operations, eliminating duplication, and tightening oversight.
Customer Services Protected
Despite the sweeping layoffs, frontline customer service jobs and positions tied to ANZ’s merger with Suncorp Bank will be protected. The bank stressed that customer-facing services will remain unaffected, even as internal processes undergo significant change.
Union Backlash
The Finance Sector Union strongly criticized the decision, describing it as reckless and poorly planned. Union leaders argued that staff cuts on such a large scale would inevitably affect service quality and place additional pressure on remaining employees.
Market Reaction
Markets initially responded positively, with ANZ shares rising before easing back later in the day. Analysts said that while investors welcomed the prospect of lower long-term costs, the savings would not be fully realized until after 2027 due to the scale of the restructuring.
Cultural Shift Under Matos
Beyond job cuts, Matos is also pushing for cultural reforms within ANZ. He has pledged to reduce bureaucracy, discourage unnecessary internal meetings, and push for greater accountability across the organization. His leadership style has earned him the nickname of a “wartime CEO,” tasked with steering the bank through a challenging economic and regulatory environment.
Looking Ahead
The overhaul is expected to shape ANZ’s trajectory for years to come. Supporters see it as a decisive step to restore competitiveness and profitability, while critics warn it could damage staff morale and weaken the bank’s reputation.
For now, ANZ employees and investors alike are bracing for a period of major change, as Matos seeks to put his stamp on one of Australia’s biggest banks.
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