ANZ has declared a big restructuring plan. This means that 3,500 employees would exit by September 2026, accompanied by the reduction of contractors on managed services by 1,000. The bank will record a restructuring charge of $560 million in 2025.
The changes are intended to give productivity improvement to ANZ in operations, and management says that the plan will cut down duplication, simplify processes, and enhance the management of non-financial risks. Apart from this, the bank says that customer-facing areas would hardly be affected.
This is one of the biggest structural shifts in recent history at ANZ. CEO Nuno Matos described the program as being essential for long-term competitiveness.
ANZ to cut 3,500 jobs and 1,000 contractors by 2026 in major restructuring.
What does the ANZ restructuring plan include?
The ANZ restructuring is elaborated on three pillars. First, it is all about improving productivity and efficiency. Second, it sharpens compliance and risk management. Third, and last, it consolidates non-core functions and some layers of corporate structures.
The leaving of thousands of staff assessed the intensity of the purge. Management said the plan was necessary to set the organisation straight with its priorities and long-term vision for growth.
Matos stressed that front-line operations would be protected. Most restructuring focuses on duplication in the head office, compliance, and back-office authorities.
ANZ productivity improvements and their impact on staff
ANZ restructuring deeply affected employees. While many roles will be eliminated, the bank stated support measures that include career counselling, money for training, and an extended consultation process.
About 10 per cent of the total workforce of ANZ will be affected by this change. Employee unions have expressed concern about the speed and scale of reduction. However, the bank says that the program is developed to reduce the negative footprint on employees while ensuring long-term growth.
The restructuring mirrors wider changes in global banking. Rising compliance costs, digital adoption, and competition are pressuring banks to transform their operating models.
ANZ CEO Nuno Matos calls restructuring essential for long-term competitiveness.
How are investors responding to ANZ restructuring?
Market analysts have spoken cautiously in endorsing the plan. Many agree that the ANZ restructuring plan could improve the efficiency ratio and soften costs in due time. With gold trading so high above US$3,500 an ounce, capital is flowing into safe assets. Banks, instead, have to attract investors by virtue of operational agility.
Investors will likely get to review ANZ’s strategy update on the 13th of October 2025. Full-year results will follow on the 10th of November, 2025. Market watchers say these two dates should provide a much clearer financial outlook.
It comes against a backdrop of cutthroat competition amongst Australia’s big four banks. The rivals are slashing costs and going into digital land themselves.
ANZ productivity improvements strengthen long-term outlook
The productivity program for ANZ is viewed as capable of delivering significant value in the long term. Management feels that by removing complexity, the bank can focus more on customers and risk management.
ANZ productivity improvements are expected to provide long-term returns for shareholders. In other words, cost-cutting today allows funding to be diverted into key strategic areas like digital innovation and customer engagement.
It also sends a message that the restructuring is a means for ANZ to embrace technological change. Simplifying operations could allow faster adoption of new banking technologies.
ANZ restructuring: 3,500 job cuts, 1,000 contractor exits, and $560m charge in 2025
What does this mean for the banking sector?
The wider trends in banking set the restructuring. Major institutions are pressured to reduce expenses and enhance the digital adoption process. In an identical way to the recent restructuring of banks in Europe and the United States, the restructuring will have an impact on employees in the ANZ restructuring.
Further restructuring is expected by analysts in this sector. The rise in interest rates, along with regulatory requirements and competition by fintechs, will be the ongoing transformation of traditional banking models.
For ANZ, this program shows the intent to compete on the world stage. It strikes a balance between the short-term pains and long-term survival.
Also Read: ANZ lifts rates despite market easing trend
FAQs
- How many jobs will be cut at ANZ as part of the restructuring?
In a restructuring exercise, ANZ intends to lay off 3,500 employees and 1,000 managed services contractors by September 2026.
- What is the cost of the ANZ restructuring plan?
The restructuring will give rise to a one-off charge of A$560 million in the results for the year 2025.
- How will ANZ assist affected employees?
Career advice, training funds, and consultation shall be provided to those affected by the restructuring.
- When will ANZ go into detail about further updates to the strategy?
ANZ will deliver a strategy update on 13 October 2025, followed by full-year results on 10 November 2025.
