One of the worst workplace disruptions in the Australian banking industry in recent memory has been caused by ANZ’s 2025 redundancy program. The bank’s internal restructuring under CEO Nuno Matos has caused a great deal of worry, union activity, media attention, and a Fair Work inquiry, with 3,500 staff jobs and 1,000 contractor positions scheduled to be eliminated by September 2026.The blog’s most recent version, replete with more H2 headers for readability, clarity, and SEO power, is seen below.
The Reasons Behind ANZ’s Thousands of Job Cuts
After years of growing expenses, fines from the government, and ineffective systems, the bank is trying to reorganise its operational model, cut down on ANZ redundancies and regain financial stability, which is why it is laying off employees. The bank had the worst cost-to-income ratio of the main four when Nuno Matos took leadership in May 2025—68%, compared to 47% for Commonwealth Bank.
The bank started rethinking technology, cutting leadership levels, halting non-essential initiatives, realigning teams, and removing inefficient procedures in an effort to become more competitive again. The shake-up became even more urgent as a result of those internal pressures, ANZ Redundancies statutory profit plummeted 10% to $5.89 billion, cash profit fell 14% to $5.79 billion, and the bank paid a record $240 million ASIC misconduct penalty.
How the Restructure Is Affected by the ANZ 2030 Strategy
The bank’s larger ANZ 2030 Strategy, which attempts to build a more straightforward, effective, and technologically connected organisation, includes the layoffs. As part of this plan, Suncorp Bank will be acquired, and ANZ Plus will be phased into core systems rather than continuing as a stand-alone digital arm.
In addition to cutting operating costs and streamlining the bank’s technological infrastructure, the merger is anticipated to generate $260 million in synergies by 2030. However, major labour changes are necessary to achieve these aims.
What Regions Are Most Impacted?
Although ANZ claims that frontline staff like contact centres and branches would mostly continue to exist, the majority of the losses are located in:
- Technology
- Activities
- Risk and compliance
- Transformation teams and projects
- Branch operations in Asia
- Support units for retail
According to industry sources, IT teams in particular are facing layoffs of up to 14%, while retail banking has already suffered the loss of about 800 jobs.
The Persistent Uncertainty for Workers
The process’s lack of clarity is among its most upsetting aspects. Over 2,000 posts are still unidentified, and department evaluations are still ongoing, despite the fact that some functions have already been recognised. Employees complain that management has not been communicating consistently, job descriptions are changing every week, and responsibilities are increasing as coworkers leave.
According to the union, workers are uncertain about their future since it seems that many choices were made before consultation had started.
How Employees Initially Learnt of the Layoffs
Before any internal communications were carried out, several ANZ workers claim that they first became aware of the 3,500 ANZ redundancies via news notifications on their phones. While making breakfast or getting their kids ready for school, some people read the news. While the union said it was indicative of a larger trend of poor communication, workers called this a “huge insult.”
Although they did not provide any proof to refute the charges, ANZ has denied that staff members first learnt about it via the media.
The Scandal of the Redundancy Email
When ANZ accidentally sent out automatic redundancy emails before meetings, the situation deteriorated. The emails, which caught many employees off guard and caused widespread fear, told them to surrender computers and access cards right once. The erroneous communications were also sent to top employees working on large projects.
After expressing regret, Matos blamed a process automation glitch for the occurrence, calling it “indefensible and deeply disappointing.”
Issues with Staff Wellbeing & Mental Health
There is a serious mental health crisis, according to a poll conducted by the Finance Sector Union among 200 employees. Approximately 80% of workers reported feeling anxious every day, and over 60% reported having physical signs of stress as headaches, tense muscles, and stomachaches. Many said that their sleep and interpersonal connections were being negatively impacted by the uncertainty.
Workers characterised the work environment as “chaotic,” pointing to frequent changes in roles, heavy workloads, and poor leadership communication. Many employees said that their bosses had not personally checked in with them.
Fair Work Action & Union Reaction
Due to alleged violations of its consultation requirements, the Finance Sector Union has brought ANZ before the Fair Work Commission. The union contends that, in violation of its enterprise agreement, the bank took final decisions before consulting with workers.
The leadership of the bank is under increased pressure since a pivotal hearing has been set on October 13, the same day as ANZ’s significant investor strategy update.
ANZ could be asked to redo the consultation process, postpone some aspects of the reorganisation, or give more openness, depending on the results.
Effects on Interns, Part-Time Employees, & Contractors
Cuts to contractors have happened quickly; some contracts have ended weeks or months ahead of schedule. Without any planning for transition, a number of contract teams in operations and technology have been disbanded.
As the bank combines duties, part-time employees in support and administrative positions have also been impacted. Due to financial limitations, certain offers have been withdrawn, and graduate and internship programs have been scaled, curtailed or suspended.
The Role of ANZ Plus in the Restructure
Once designed as a stand-alone digital bank, ANZ Plus will no longer function independently. It will be integrated directly into ANZ’s primary IT system as part of the new approach. Although the goal of this move is to eliminate redundancy and save technological costs, it has resulted in job losses in innovation and digital product teams.
The New Zealand Situation
ANZ Change is also occurring in New Zealand. Like their Australian counterparts, many New Zealand workers describe stress, changing tasks, and a lack of clarity, despite the lesser size of layoffs. The main areas impacted are back-office support, projects, and technology.
Timeline of ANZ Redundancies 2025
May 2025
- Nuno Matos becomes CEO of ANZ.
- Begins internal review of costs, tech systems and organisational structure.
June–August 2025
- Early signals of restructuring emerge.
- Contractors and tech teams begin experiencing project cuts.
- ANZ accidentally sends automated redundancy emails to staff.
- Matos apologises and calls the system failure “indefensible”.
9 September 2025
- ANZ officially announces:
- 3,500 staff roles cut
- 1,000 contractor agreements ended
- Workers learn the news via media alerts before internal communication.
- FSU accuses ANZ of chaos and lack of consultation.
10–20 September 2025
- Internal job reviews begin across retail banking, tech and operations.
- Staff report roles changing weekly.
- Mental health survey reveals:
- 80% daily anxiety
- 60% physical stress symptoms
Late September 2025
- News confirms:
- 160 senior leaders cut
- 600 jobs cut across Asia
- Nearly 800 roles removed in retail banking
Early October 2025
- The Fair Work Commission scheduled a hearing for 13 October.
- ANZ faces accusations of breaching consultation rules.
- Internal reports indicate tech cuts could reach 14%.
- Contractors report early termination of agreements.
13 October 2025
- ANZ holds its investor strategy update.
- Fair Work hearing takes place the same day.
- Investors expect $2 billion savings to be announced.
Late October 2025
- More roles still unassigned.
- Workers report extreme workload increases as colleagues exit.
November 2025
- ANZ full-year results released:
- Statutory profit drops 10% to $5.89b
- Cash profit falls 14% to $5.79b
- Record $240m ASIC penalty revealed
- Restructuring charges total $560m
December 2025
- More consultation rounds begin.
- Staff remain uncertain about remaining 2,000 unidentified roles.
- Union escalates pressure for transparency.
Pressure from Investors and Market Expectations
The October strategy update is being eagerly watched by investors. Analysts anticipate that ANZ will clearly outline a plan for saving $2 billion. There are worries that the bank may implement further staff cutbacks if cost objectives are not reached or if internal disturbances develop worse.
Matos’s capacity to manage operations and bring back internal clarity will be crucial to restoring confidence in the bank’s performance.
Will There Be More Layoffs?
Industry watchers think it’s impossible to rule out further reduction. The speed at which technology is integrated, the Suncorp acquisition, regulatory requirements, and the bank’s ability to raise its cost-to-income ratio might all affect the ultimate figure.
In conclusion
For the bank and its employees, the 2025 ANZ layoffs have marked a sea change. Although the leadership maintains that the restructuring is required for long-term stability, there has been a significant human cost. Employees have complained of disarray, a lack of communication, stress on their mental health, and future uncertainty. ANZ is at a pivotal time that will decide whether the bank can restore stability or experience ongoing internal instability, with thousands of posts still pending identification, a significant Fair Work tribunal coming up, and growing investor expectations.
FAQs
What are ANZ redundancies in 2025?
ANZ is cutting 3,500 permanent jobs and 1,000 contractor roles across Australia and New Zealand as part of a major restructure under CEO Nuno Matos. The goal is to reduce duplication, cut costs and overhaul the bank’s operating model.
Why is ANZ cutting so many jobs?
Rising operating costs, duplicated systems, a record $240 million ASIC fine, and pressure to improve ANZ’s 68% cost-to-income ratio are driving the cuts. The bank needs to deliver up to $2 billion in savings to satisfy investors.
Which areas are most affected by the redundancies?
Tech, operations, compliance, Asian branches, support roles, projects and retail banking teams have been hit hardest. Some tech divisions face cuts of up to 14%.
Are frontline branch staff affected?
ANZ says branches, call centres and most customer-facing roles will remain “largely untouched”. However, back-office support roles within retail divisions are affected.
What happened with the automated redundancy email?
ANZ mistakenly sent an automated email telling staff they were redundant before meetings took place. Some senior managers also received the email. CEO Nuno Matos called it “indefensible”.
Did employees really find out via news alerts?
Yes. Many staff learned about the 3,500 job cuts from media notifications while preparing breakfast or getting children ready for school. This contributed to a sense of shock and betrayal.
What is the union’s position on the redundancies?
The Finance Sector Union (FSU) says the process lacks transparency, consultation has been inadequate, and workers are suffering “chaos, exhaustion and fear”. The union has taken ANZ to the Fair Work Commission.
When is the Fair Work Commission hearing?
The hearing is scheduled for October 13, the same day ANZ is holding its major investor strategy update.
How is this affecting staff mental health?
An FSU survey of 200 employees found:
- 80% feel nervous almost every day
- 60%+ have physical symptoms of stress
- Many report sleep issues and pressure on family relationships
What is happening to contractors?
Many contractor agreements were terminated earlier than expected. Some entire contract teams have been dissolved as the bank reduces third-party dependence.
Is ANZ Plus being shut down?
Not shut down — but the separate ANZ Plus digital brand is being absorbed into the bank’s core systems to cut costs and streamline technology.
Is ANZ NZ affected too?
Yes, though at a smaller scale. New Zealand workers report similar stress, unclear communication and cuts in technology and back-office teams.
Could more job cuts happen?
Analysts warn that if ANZ fails to reach its $2 billion savings target, further cuts may follow.
