ANZ Bank Plans to Eliminate 12 Positions in Its Markets Divisionby
Cuts will affect jobs in Australia, New Zealand, Asia and U.K.
Unit includes foreign exchange, syndicated loans, fixed income
Australia & New Zealand Banking Group Ltd., which in 2015 posted its slowest profit growth in seven years, plans to cut 12 jobs in its markets division to reduce costs.
The reductions will be spread across Australia, New Zealand, Asia and the U.K., Stephen Ries, a spokesman at the Melbourne-based lender, said Tuesday in an e-mail. ANZ’s global markets unit, which includes foreign-exchange, syndicated loans, fixed-income and commodities trading, has 1,400 staff in cities from New York to Tokyo, according to the bank’s website.
ANZ’s move is the latest in a series of payroll cuts by Australian lenders as they focus on reducing costs amid increasing regulation, capital requirement and widening funding spreads. ANZ said March 11 it was eliminating 100 jobs as it exited small business lending in parts of Asia while larger competitor Commonwealth Bank of Australia late last year shut its institutional equities team and axed 20 positions in its global markets team.
“We’ve made changes today in our markets division to simplify the business and reduce costs by better aligning our trading and sales functions,” Ries said in the e-mail.
Australia’s four largest lenders -- ANZ, Commonwealth Bank, National Australia Bank Ltd. and Westpac Banking Corp. -- and Macquarie Group Ltd. cut a combined 1,475 jobs in their respective half yearly periods in 2015, ending two consecutive years of increased payrolls.