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ANZ Cuts 200 Jobs Due To Economic Weakness

ANZ in Australia is cutting around 200 jobs, blaming “subdued economic conditions”, weak lending growth and a need to improve productivity. The bank said the roles will be “mainly managerial
18 May 2016 13:16
ANZ Cuts 200 Jobs Due To Economic Weakness

ANZ in Australia is cutting around 200 jobs, blaming “subdued economic conditions”, weak lending growth and a need to improve productivity.

The bank said the roles will be “mainly managerial and back-office positions in areas such as marketing and project management”.

Most of the job losses are expected to take place at the bank’s head office in Melbourne.

ANZ also has an external hiring freeze in place, which it said will “maximise redeployment opportunities inside the bank”.

The lender recently slashed its team of economists and market analysts, with 28 jobs going from an already depleted team.

Those departures included former chief economist Warren Hogan and head of commodities research Mark Pervan, who had both already left the bank.

ANZ said it will provide support services such as career retraining and redeployment options to affected staff.

SOURCE: ABC

 

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