Australia & New Zealand (ANZ) Banking Group has announced that nearly 60 jobs will be cut in its markets division worldwide, citing challenging conditions.

Under the job cut plan, nearly 30 positions will be eliminated in Australia while the rest cut will happen across Asia, Europe and the US, as reported by Reuters.

Spokesman of ANZ Stephen Ries told the publication the proposed cut represents 7% of the bank’s workforce.

ANZ’s job cuts were announced internally on 4 May by Shayne Collins, ANZ’s managing director of markets, however, the information was officially confirmed by Ries on after Sky News first broke the news.

“As you saw in the (first-half) results…conditions are challenging for our sector,” Collins reportedly said in an internal email to staff.

“To ensure we are setup to respond to ongoing headwinds and our customer needs we have taken an opportunity to review our operating model.”

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ANZ, in its latest results for the six months ended March 31, reported a 4% rise in cash profit to A$3.49 billion ($2.64bn). However, the lender warned that increased regulatory pressure and severe competition would pressurise its revenue growth.