ANZ Bank to Shift Roles, Cut Jobs at Service Center in China

Bookmark

Australia & New Zealand Banking Group Ltd. plans to cut jobs at a service center in China, shifting some of the positions to India, the Philippines and Australia as part of a global restructuring.

“In the next few months, we will start to gradually shift work currently provided by Chengdu teams to Bengaluru, Manila or Melbourne,” according to an internal memo that was sent to staff and seen by Bloomberg. “This will happen in phases and will take up to 18 months from now to complete.” A spokeswoman for ANZ confirmed the memo’s contents.

The cuts will affect technology and operations jobs and will reduce ANZ staff numbers in China by about 50%, where it will retain 100 operations staff and 700 bankers in eight locations, the Sydney Morning Herald reported earlier Thursday.

ANZ’s service center in Chengdu was set up about ten years ago when ANZ was “rapidly expanding into new markets,” the memo said. The bank recently “shifted from expanding to simplifying ANZ’s business,” which includes “exiting several non-core businesses to focus on fewer things,” it said.

Services needed to support the bank’s large corporate and institutional banking business in China will stay in Chengdu and it remains “completely committed to China, which is a critical, core market for ANZ,” the memo said.

ANZ will continue to have more than 800 staff across Greater China, including the mainland, Hong Kong and Taiwan, who will continue to service its clients in the region, the spokeswoman said.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.