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.
‘The move has drawn ire from the FSU’.
More like they are cheering this on, as it means less competition for the industry funds over the long term.
if any of them are qualified and ethical planners, give me a call. In the market for a good planner. No agents
might be hard to do Dave if no one knows who you are!
How will they get your number Dave? Telepathy?
A reflection of the industry in general. The race is on to zero in the industry.
The other retail fund management businesses will follow suit. They are all devoid of a strategy and simply copy each others steps. Quite pathetic yet they pay themselves millions in salaries. Clearly with so little value being added headcount must be drastically reduced. By bowing to ASIC they may protect the trustees but they have destroyed their business model. Their actions confirm that it is all about them and not the client nor the adviser. BIO will be the kiss of death by forcing retail fund managers to a fight to the bottom on price and they will have no distribution to support them.
was it ever going to end any other way?
The best way anz could improve trust in the advice industry is to completely close down their advice business and not be part of it at all,
Most of these ANZ Wealth people are superfluous and were very well paid and looked after in their time at the bank where mandatory gender quotas (but not any appropriate qualification requirements) start at interviews. ‘Advice process’ people with a Bachelor of Arts and no advice experience are not and never were really required in the Industry especially at a loss making AFSL. Their redundancy cheques are significant.
This. As an ex-employee of ANZ FP this is exactly how ANFP operated for about a decade. Most senior managers turning a blind eye to unethical behaviour for revenue targets to be met. Zero training offered for career growth. This entire division is a joke.