The ANZ bank is cutting almost 500 more jobs and aims to cut more this financial year.
The move has come under immediate attack from the Finance Sector Union (FSU), which says there’s no justification for axing so many jobs given the size of bank profits in Australia.
ANZ said on Monday it would cut 1000 permanent jobs in Australia during the 2012 financial year.
Most of the cuts would be among middle management, back office and support staff, it said.
ANZ kicked off the job cuts in January when it announced 130 positions would be axed from its 24,000-strong Australian workforce.
In a statement on Monday, the bank said it had told its staff in Australia that 492 jobs would be affected in the latest round of job cuts.
That brings the total number of finance job cuts across the industry to 2000 for 2012 so far.
ANZ said it would also keep its senior executive pay packets fixed for the year.
“We are acutely conscious of the impact of these reductions on individual staff members and we will be making every effort to use natural attrition, to redeploy staff, and to utilise our training funds to support those people affected,” ANZ chief executive Australia Philip Chronican said.
“Although we need to make difficult decisions in the short term to adapt to the new global environment for banks, the economic outlook for Australia remains positive and this helps underpin our continued investment in customer service and in emerging areas of opportunity.”
Bank executives outlined the planned cuts to union officials during a meeting on Monday morning.
FSU national secretary Leon Carter said Victoria would take the brunt of the job losses.
He said there was no justification for any local bank to cut jobs.
“With a combined profit of more than $24 billion, if anyone can afford to invest in Australian finance jobs it is our four big banks,” he said.
Westpac, Macquarie Group and SunCorp have also announced hefty job cuts in recent weeks.
Mr Chronican said banks faced a difficult trading environment globally.
“Just as we are seeing in other parts of the Australian economy, we are also having to adapt our business to the new conditions and become leaner, more agile and more customer-focused so we ensure the bank remains strong and can grow and invest for the future,” he said.
“At the same time, we know we have to keep working hard to become a better bank, by continuing to improve customer service and innovating faster as technology changes and customers look for banks to provide new banking solutions.
“In this environment, the right thing to do is to be upfront with our staff and with the community about the changes needed in banking and their implications.”
