Tech jobs in firing line as ANZ pushes for another restructure

Tech jobs across both sides of the Tasman are in the firing line as banks double down on offshoring, with ANZ the latest lender to slash roles across its IT division.

The bank is axing technology roles across New Zealand, where hundreds of staff face restructures and more than 100 jobs are expected to go, according to the Australian Financial Review.

ANZ’s restructure covers more than 400 roles, including quality assurance engineers, lead engineers, product owners, and project managers, as the lender considers moving software testing offshore.

The major bank has entered a two-week consultation with staff, with the final structure expected to be settled in early October.

ANZ now employs roughly 11,500 people across its technology and operations hubs in India and the Philippines – representing nearly 30 per cent of its total global workforce, according to the AFR.

Chief executive Nuno Matos announced plans last year to cut 3500 jobs across ANZ by September 2026.

The bank reported that about 3000 of those were completed by June 30.

At CBA, the Finance Sector Union (FSU) said 232 jobs were affected across the bank this week, with 172 positions expected to be made redundant.

Technology workers in Sydney were among those hit, along with staff in business banking, retail banking, institutional banking and markets, financial services, risk, human resources, and the chief operations office.

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CBA has also expanded its workforce in India in recent years, while NAB is preparing to hire over 1000 additional staff across India and Vietnam after cutting more than 400 jobs locally.

Bendigo and Adelaide Bank has similarly restructured its workforce after entering multi-year partnerships with global technology companies Infosys and Genpact.

The FSU says about 600 jobs have been affected so far.

ANZ has been contacted for comment.