ANZ Australia restructure to make “super regional bank” (hundreds of jobs to go)

ANZ Banking Group CEO Mike Smith announced this week plans to restructure the bank along geographical  lines, what he calls a “super regional bank”, which will lead to hundreds of job losses at middle management level.

While it is not clear what impact the changes will have on ANZ National in New Zealand, Finsec’s sister union the FSU has been scathing about the move.  National secretary Leon Carter said the job cuts continued the trend of restructuring in the sector which resulted in the loss of experienced workers.

Carter says that if the bank wants to be a major player in the Asia-Pacific region, that it must take a long-term view. “That requires retaining and investing in Australian jobs, not a short-term mentality that involves slashing and burning every time there is an annoucement about a share price.”

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