ANZ Cuts 3,500 Jobs in Major Business Overhaul

Australia and New Zealand Banking Group is executing a broad business overhaul that includes cutting approximately 3,500 employees, representing 8% of its total workforce. As part of this restructuring, the bank is exiting at least 10 senior bankers across Australia, Hong Kong, and Singapore, including executives John Corrin, Andrew Harward, Ian Mathews, David Roberts, and Aaron Ross.

CEO Nuno Matos is leading the five-year strategy to reduce costs and eliminate duplication. The bank is discontinuing its independent financial advisory functions and non-bank ESG origination. To streamline operations, ANZ is establishing a new business unit that combines capital management, research and analysis, and corporate finance, with Kevin Corbally appointed to lead the division.

These changes follow additional capital requirements imposed by an Australian regulator, prompting the bank to address its compliance and risk management frameworks.