Street Calls of the Week
Investing.com-- ANZ Group Holdings (ASX:ANZ) said on Tuesday it will cut about 3,500 jobs in the next year as part of a company-wide restructuring under new CEO Nuno Matos.
The Australian lender also flagged a A$560 million ($369.4 million) restructuring charge in the second half of 2025
ANZ, which is Australia’s fourth-largest bank by market capitalization, said the move was aimed at streamlining its operations. The cut represents roughly 8% of ANZ’s 43,000 full-time employees.
The company said it will also lay off about 1,000 contractors, and that the changes were also tied to meeting government requirements for its A$4.9 billion acquisition of Suncorp Bank.
ANZ said customer-facing roles will not be impacted, and that it will update investors on its strategy on October 13.
The cuts come after CEO Matos joined the lender in May 2025, and had in August ordered a strategic review to boost productivity and bring down costs.
Matos replaced long-term ANZ head Shayne Elliott, who had led the bank through a series of high-profile scandals, including a 2023 bond trading debacle involving its markets and trading business.