ANZ to shed staff as it restructures mortgage processing

ANZ is to shed 248 back office positions as it restructures its mortgage processing operations nationwide.

The job losses will come as the bank rationalises its network of mortgage centres in Sydney, Brisbane, South Australia, Western Australia, Northern Territory and Tasmania. About 150 jobs will absorbed by external providers contracted to take over certain document processing activities.

Others jobs will be relocated to Melbourne, while approximately 40 roles are expected to be exported to the bank's offshore processing centre in Bangalore, India.

In March, the bank ran into a political storm after it appeared to confirm speculation that it was to shift 500 jobs from its Melbourne back office and technology hub to its offshore development centre in Bangalore, which currently employs 3000 staff.

Responding to the political sensitivities, the bank in June committed to spend $10 million on a new support package for staff affected by offshoring.

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Comments: (1)

A Finextra member 09 July, 2009, 22:57

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This all makes perfect sense as the bank will need to scale up back office operations in preparation for its next Australian acquisition. The fact that ANZ has raised $4.7 billion in the last 6 weeks suggests it is in buying mode. Some pundits are putting their money on a deal with Suncorp, who seem likely to sell off their banking arm in the near future, but given the Bank of Queensland CEO sold half his shares in the bank last week my money is on an alternative snack being on ANZ's menu.