ANZ NZ Proposes Over 100 IT Job Cuts in Restructuring

An ANZ New Zealand spokesman stated the bank regularly reviews its structure to ensure efficient operations and customer service. The proposed changes aim to consolidate technology functions, including data, AI, and engineering, for greater consistency and expertise utilization.

The spokesperson emphasized that the focus is on supporting employees through the process, though no further details were available due to ongoing consultations. The proposed job cuts are part of a broader cost-cutting strategy that has already included the closure of a Dunedin call centre with 40 staff.

ANZ employs approximately 7,000 people in New Zealand. Workers First Union national organiser Callum Francis noted that the technology team has between six and 10 union members, with the broader ANZ workforce having 800 union members.

Francis expressed concerns that the restructuring, while framed as reducing duplication, appears to prioritize offshoring and headcount reduction. He criticized the bank’s approach, stating it contradicts claims of social responsibility and governance.

Francis also highlighted the broader implications of the changes, noting that similar proposals are becoming more common and raising concerns about workers’ ability to find new employment in a tight job market. The cost-cutting measures follow the appointment of Nuno Matos as ANZ Group’s CEO in May 2025.

The AFR reported that Matos is nearing his original target of 3,500 job cuts, with the bank having completed about 3,000 of those by June 30. The bank’s aggressive cost-cutting strategy has been widely referred to as 'Nunogeddon'.