One of Australia's largest banks will lay off thousands of employees over the next 12 months under a major restructure.

ANZ has announced 3500 staff and 1000 contractors will be cut by September 2026 as part of the $560 million restructure plan.

The bank on Tuesday said it was part of a push to reduce duplication within ANZ alongside a sweeping move to cut consultant spending.

ANZ also vowed to meet its commitments to the Commonwealth and the Queensland government regarding its Suncorp Bank acquisition with roles at the state lender set to be preserved.

"We know this will be difficult news for some of our staff," ANZ chief executive Nuno Matos said in a statement.

"While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely

See Full Page