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By Anan Zaki of 

There are no significant restructurings planned for ANZ’s New Zealand operations after news of job losses in Australia, ANZ says.

The bank’s Australian parent announced a major restructure on Tuesday, which would involve about 3500 employees losing their jobs by September next year.

ANZ Group said it would also reduce engagements with consultants and other third parties, with the restructure expected to cost A$560 million ($622m).

An ANZ New Zealand spokesperson said the changes were mostly focused on the Australian business.

“There are no significant restructurings planned for New Zealand,” the bank said.

However, ANZ NZ said it carried out regular reviews “as part of our ongoing commitment to operate efficiently and deliver for customers”.

ANZ said these reviews “may impact between 20 and 30 roles” but stressed they were similar to changes carried out in previous years.

“These reviews are part of our normal course of business, and there are no significant changes under way in New Zealand outside of that.”

ANZ NZ employed around 7500 people as of September 30, 2024, including fulltime staff, part-time and contractors.

The Australian shake-up comes months after the appointment of Portugal-born Nuno Matos as chief executive, replacing New Zealander Shayne Elliott.

“We know this will be difficult news for some of our staff,” Matos said.

“We are operating in a rapidly evolving and highly competitive banking environment.

“As we continue our strategic review, we are eliminating duplication and complexity, stopping work that doesn’t support our priorities and sharpening our focus on improving our non-financial risk management practices across the bank.”

– RNZ