ANZ Bank chief executive Nuno Matos says slashing 3500 jobs and a further 1000 contractors is a last-resort move needed to simplify the bank’s operations and help it remain competitive, as the finance union slammed the sackings as a reckless profit grab.

Four months after starting as ANZ’s boss, Matos announced on Tuesday a plan to cut global staff numbers by 8 per cent, a move expected to mainly affect the bank’s Australian workforce of more than 21,000.

Matos said the cuts were aimed at reducing complexity and removing duplication in the bank as the industry experiences a period of digital change. He denied they were linked to the rise of artificial intelligence.

“Those decisions are very tough to take. You don’t want to take them, because they’re going to impact people, our people, t

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