ANZ Group, one of Australia’s “Big Four” banks, has announced a sweeping plan to cut 3,500 jobs as part of a major restructuring under new CEO Nuno Matos. The move, described by Matos as one of several “ugly” but necessary changes, marks his first major action since taking over in May 2025.
The layoffs—targeted for completion by September 2026—represent one of the largest workforce reductions in the Australian banking sector in recent years. The bank will also terminate 1,000 contractor roles and initiate a review of all third-party and consultancy agreements.
Matos, speaking at the Australian Financial Review Asia Summit in Sydney, emphasized that while the cuts are difficult, they are essential to future-proofing the bank. “This is about simplifying our operations, improving productivity, and becoming more agile in a fast-changing financial landscape,” he stated.
As a result of the restructuring, ANZ will take a one-time charge of A$560 million (approximately USD $369 million). The decision underscores the urgency felt by the bank’s leadership to boost competitiveness amid lagging market performance. Despite having a larger workforce than peers Westpac and National Australia Bank, ANZ’s market value and share price have underperformed over the past year.
The restructuring aims to streamline operations and focus on core banking services, which Matos believes will better position ANZ in an increasingly digital and customer-driven environment. Analysts say this move could align ANZ’s cost base more closely with its competitors and help restore investor confidence.
Matos, who previously led HSBC’s global personal banking and wealth management unit, is known for executing tough organizational changes. His leadership at ANZ is expected to bring a sharper focus on digital transformation, operational efficiency, and international expansion.
Still, the announcement has sparked concern among employees and unions, particularly given the scale and speed of the cuts. Industry observers note that while the move may improve long-term profitability, it risks creating short-term disruption and lowering staff morale.
As ANZ charts a new course under Matos, the banking sector will be watching closely. This decision signals that Australia’s financial institutions may be entering a new phase of cost-cutting and consolidation in response to economic pressures and shifting consumer expectations.
