ANZ Group Holdings is reportedly considering a reduction in its workforce, potentially affecting up to 5,000 positions as part of a restructuring initiative led by CEO Nuno Matos.

According to a report from Capital Brief, the proposed cuts may involve approximately 2,000 roles in the retail sector, with an additional 3,000 positions targeted across other divisions, reported Bloomberg.

The final decision regarding the exact number of job losses has yet to be confirmed.

The bank has not provided a comment in response to inquiries regarding the potential layoffs.

Recently, Matos faced criticism after automated notifications about job cuts were sent to employees before they received personal communication, prompting an apology and a commitment to expedite the planned layoffs.

Matos has indicated that a key element of his strategy for revitalising the bank involves enhancing its corporate culture and risk management practices.

In light of increased capital requirements imposed by Australian banking regulators earlier this year, ANZ has engaged McKinsey & Co. to conduct a thorough review of its operations.

The Finance Sector Union has expressed concerns about the pace of the restructuring process undertaken by the Melbourne-based bank.

As per the latest annual report, ANZ employs approximately 42,000 individuals, with around 10,800 of those working within the retail division.

In June this year, ANZ Bank extended its contract with Knosys for the KnowledgeIQ (KIQ) enterprise solution for an additional year, valued at over $1.9m.

This extension serves as an interim measure while the bank negotiates a new three-year agreement, which is anticipated to include a transition to Knosys’ cloud-based KIQ service.