The Australia and New Zealand Banking Group (ANZ) has decided to cut 200 jobs from its local workforce in response to sluggish economy.

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ANZ spokesperson Stephen Ries said: "The changes are in response to subdued economic conditions, low lending growth and the need to simplify our business and improve productivity."

The job cuts will mostly come from the Melbourne office and mainly target back-office positions in areas such as marketing and project management, the bank said.

Affected employees will be able to apply for other positions within the bank, and can also get ANZ’s career retraining fund.

In addition, the bank has imposed an external hiring freeze to increase internal redeployment opportunities.

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In order to boost profitability, ANZ earlier announced plans to reduce its Asian and institutional-banking staff. In the year to 31 March, the bank shed the number of overall employees at the institutional banking unit by 6%, as well as reduced the workforce in the Australian arm by 3%.

Earlier this year, the bank also saw several exits including departure of its global head of wealth Joyce Phillips and the head of its institutional bank Andrew Geczy.

Mark Whelan, who took over the role of the head of the institutional banking business in February, said that the bank will make more layoffs within the unit.