ANZ Bank has announced plans to eliminate approximately 3,500 jobs by September 2024. This decision is part of a larger restructuring effort aimed at streamlining operations. The bank indicated that it will also reduce its reliance on consultants and other third-party services.

In a statement released on Tuesday, ANZ highlighted its goal of decreasing "duplication and internal complexity" within the organization. The bank reassured stakeholders that the changes would have a limited impact on frontline, customer-facing positions.

Chief Executive Nuno Matos acknowledged the challenges these changes may pose for employees. "We know this will be difficult news for some of our staff," he said. Matos emphasized that while some restructuring efforts have already begun, the bank is dedicated to managing the transition with care and respect for the affected teams.

The announcement comes as part of ANZ's strategy to enhance efficiency and adapt to evolving market conditions.