ANZ to Cut 50 Jobs at Australian Institutional Banking Unit
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Australia & New Zealand Banking Group Ltd., Australia’s third-largest bank by market value, plans to cut about 50 jobs in institutional and international banking as lenders trim costs amid weak credit demand.
ANZ advised staff late last month about the eliminations mainly in Sydney and Melbourne, spokesman Paul Edwards said in an e-mailed statement. The reductions will help ANZ’s institutional bank unit boost capital efficiency and adapt to pressure on margins as the economy slows, he said.