The Australia and New Zealand Banking Group (ANZ) has announced plans to lay off hundreds of employees at its Chengdu service centre in China.
The move is a part of the bank’s global restructuring programme.
According to a Sydney Morning Herald report, ANZ will sack around 850 staff from the centre over the next 18 months shifting some of the jobs to India, Australia and the Philippines.
The job cuts will primarily impact employees working in technology and operations roles.
In an internal memo seen by the publication, ANZ Bank said that it remains committed to China despite the redundancies.
The mail, signed by ANZ regional head Steve Harris, said: “We remain completely committed to China, which is a critical, core market for ANZ.
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“In the next few months, we will start to gradually shift work currently provided by Chengdu teams to Bengaluru [India], Manila or Melbourne.
“We want to be very clear that this decision is based on ANZ’s ongoing focus to simplify the bank and prepare for a changing external environment.”
The Chengdu centre was opened in 2011 to support ANZ’s business in the region. Currently, it employs around 1,000 people.
The lay-off will reduce the bank’s headcount in China by nearly 50%. It will continue to retain around 100 operations staff and 700 bankers across eight locations in the country.