ANZ is set to gut its wealth management division in an attempt to save costs, with hundreds of jobs on the chopping block across its advice and retail businesses.
More than 230 jobs will be cut in the move, according to the Finance Sector Union (FSU).
“ANZ has made a number of changes in recent years to simplify our wealth business, including the sale of our insurance business, our aligned dealer groups, and our pensions and investments business,” an ANZ spokesperson told ifa.
“We are now making some changes to simplify our retail distribution and financial planning capabilities so we can provide more focused and meaningful advice for our most financially complex customers. This means the advice team will be smaller, which will impact a number of our financial planners and support staff members.”
ANZ has previously indicated that it is seeking to slash costs by as much as $1 billion over the next three years as the bank faces increasing regulatory scrutiny and record low interest rates.
The move has drawn ire from the FSU.
“Cutting 230 more jobs does not meet the pub test for rebuilding trust nor does it meet the needs of staff, customers or the community,” the FSU said in a release.
“It’s all about cutting costs to increase their profits.”
An ANZ spokesperson told ifa that the bank has “plans and resources” in place to help impacted staff members, including redeployment opportunities, outplacement, and funding for additional training, as well as for employees experiencing financial hardship following on from their retrenchment.
The announcement comes just weeks after the bank cut 60 jobs from its commercial business and closed three branches, and continues its loss of market share in the wealth management space following the sale of its OnePath pensions and investments business to IOOF.
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