ANZ makes more cuts in NZ

Ian Rogers
ANZ National will cut staff at its ANZ-branded retail network in New Zealand but does not appear to be seeking significant staff cuts at its National Bank of Zealand arm.

The bank informed ANZ staff of a hiring freeze and called for voluntary redundancies yesterday. The bank's target level of staff cuts is not yet clear.

ANZ told staff it will review its branch structure by November and expects to reduce staff numbers. Interest.co.nz reported that over-the-counter transactions had fallen 23 per cent to around three million per month since 2003 because of simpler processes and more use of call centres and internet banking. However, staff numbers in branches remained little changed at around 1590.

The bank previously flagged plans to shift around 500 back-office jobs from New Zealand to ANZ-owned operations centres in India.

ANZ is already seeking to cut middle and senior managers in Australia and New Zealand, though the target in this case remains unclear for now.