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ANZ issues first round of redundancies

ANZ issued its first round of redundancy notices yesterday, cutting 130 jobs in its Australian division, according to a report in The Australian.ANZ said last week that it would cut its workforce as part of a cost-cutting program.Banks are faced with flat revenue projections for the year ahead and are focusing on their efficiency to increase earnings.The cuts were to back office roles in retail, business banking and small business operations.A report in the Sydney Morning Herald quoted Bell Potter analyst TS Lim, saying ANZ would cut 350 jobs from its institutional banking division and 340 from its corporate centre.UBS has forecast that as many as 7000 jobs could be lost in the Australian banking industry in the year ahead.

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