Despite acknowledging the difficulty of layoffs, CEO Matos assured staff that the bank will handle the process with care and respect, emphasizing the importance of cultural and operational transformation.

Further details on the restructuring and performance improvement plans will be shared during upcoming investor presentations, including a strategic update scheduled for October 13.

The bank’s leadership believes these measures are essential for making ANZ the best bank for customers and ensuring sustainable long-term performance in a rapidly evolving banking landscape.

Matos has indicated that further changes may follow beyond the announced layoffs, as part of a broader effort to adapt to societal and technological shifts.

ANZ has emphasized that frontline customer roles will be minimally affected, maintaining its commitment to customer service despite internal changes.

The job cuts will primarily impact Australia, where ANZ employs around 43,000 staff, and will involve a reduction in reliance on consultants and third-party contractors, affecting about 1,000 roles.

Matos highlighted that the restructuring aims to improve ANZ’s market position, especially since the bank has underperformed compared to its peers, and will include a cultural overhaul to boost efficiency and service standards.

ANZ plans to support affected employees through comprehensive programs such as career advice, training, and individual assistance, with some support already underway.

The restructuring is expected to incur a pre-tax charge of approximately $560 million in the first half, with minimal impact on customer-facing roles, and will be reflected in the full-year results due in November.

ANZ Bank has announced a major restructuring plan aimed at simplifying operations, reducing duplication, and improving risk management, which includes cutting 3,500 jobs by September 2026.

The bank will also reduce engagement with external service providers as part of this strategic overhaul.

New CEO Nuno Matos, who took over in May 2025, emphasized that these changes are driven by the need to stay competitive, eliminate internal duplication, and enhance risk practices, not solely for profit.

This strategic review is also focused on strengthening non-financial risk management amid increased regulatory scrutiny, including an enforceable undertaking from APRA and an increase in capital add-on from $750 million to $1 billion.