Australian banks are continuing to automate their operations and use technology to reengineer back-office processes, resulting in job cuts across the industry. ANZ Group, Australia’s fourth-largest bank, has announced that it plans to cut 170 jobs from its commercial banking operations. The bank said the changes in headcount will enable them to better support customers through branches and digital platforms.

Wendy Streets, national president of the Financial Sector Union, criticized ANZ, accusing the bank of being solely focused on profits. She cited the bank’s substantial A$7 billion profit last year and questioned their motivation for shedding staff. However, a bank spokesperson noted that they are confident that many of the affected employees will find alternative roles within the organization.

According to ANZ’s last annual report, the total number of employees at the bank was 40,000. In the same report, the bank said the group’s first-quarter revenue was in line with the average revenue for the first half of fiscal 2023, the year they posted record annual profits.

By Editor

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