13 Feb '12, 5am

Australia's ANZ Bank to cut 1000 jobs in 2012

Australia's ANZ Bank to cut 1000 jobs in 2012

Australia and New Zealand Banking Group, the country's fourth-largest bank, said on Monday it will cut approximately 1,000 jobs, citing intense pressure on margins due to higher funding costs and slow loan growth. -- PHOTO: AFP SYDNEY (REUTERS) - Australia and New Zealand Banking Group, the country's fourth-largest bank, said on Monday it will cut approximately 1,000 jobs, citing intense pressure on margins due to higher funding costs and slow loan growth. The cuts to its Australian staff will take place during 2012 and will be primarily focused in middle-management, back-office and support functions, with customer-facing employee cuts minimal, ANZ said in a statement. ANZ notified 492 staff on Monday that their roles would be affected, 130 employees were cut earlier this year, with further job losses expected during the year. 'A different and very difficult environment is...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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Australia's ANZ bank to slash 1,000 jobs

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