Australia’s ANZ Group plans to eliminate roughly 3,500 jobs—about 8% of its workforce—and an additional 1,000 contractor roles by September 2026.

The restructuring, led by newly appointed CEO Nuno Matos (since May 2025), aims to cut duplication, end non-essential projects, and foster a performance-driven culture.

The bank will book a restructuring charge of A$560 million (~US$369 million) in pursuit of long-term health and efficiency.

ANZ reassured stakeholders that most customer-facing roles and positions tied to its recent Suncorp Bank merger would remain intact.

Despite the difficult cuts, Matos deemed them crucial for the future, while the Finance Sector Union criticized the plan as chaotic and harmful, as reported by Reuters.