Australia and New Zealand Banking Group (ANZ) has revealed a restructuring plan, which includes laying off approximately 3,500 employees by September 2026.  

The plan will also reduce engagements with consultants and third parties, affecting around 1,000 managed services contractors. 

ANZ said the decision aims to “simplify the bank, strengthen its focus on its priorities and deliver for its customers”. 

The restructuring initiative is expected to result in a charge of approximately A$560m ($370m) before tax in the second half of 2025.  

ANZ CEO Nuno Matos said: “We know this will be difficult news for some of our staff. While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected. 

“We are operating in a rapidly evolving and highly competitive banking environment. As we continue our strategic review, we are eliminating duplication and complexity, stopping work that doesn’t support our priorities and sharpening our focus on improving our non-financial risk management practices across the bank.” 

ANZ offers a range of support initiatives designed to assist employees through periods of change.  

These measures encompass personalised assistance, professional development guidance, and career planning services, along with access to a dedicated training fund to support upskilling and reskilling.  

ANZ has stated that the final restructuring charge details will be disclosed in the full year results on 10 November 2025.  

The bank employs around 42,000 individuals, with about 10,800 employees in the retail division, as per the latest annual report.  

For the half year ended 31 March 2025, ANZ reported a statutory profit of A$3.64bn, reflecting a 16% increase from the previous half, which recorded a profit of A$3.12bn.  

Total revenue for ANZ rose to A$10.99bn, a 5% increase compared with the prior period’s A$10.46bn.