Major banks and retailers are quietly gutting their technology workforces, with ANZ, Commonwealth Bank and Kmart all cutting IT roles.
One of the big four banks has told staff it was slashing jobs as part of a restructure of technology roles as part of a long-term plan to reduce its workforce.
ANZ has moved to cut IT roles in its New Zealand operations, with 400 jobs reportedly expected to be affected including 100 redundancies.
The bank, which is the largest in New Zealand and employs about 8000 people there, said the decision was made to “better deliver our technology investment under our ANZ 2030 strategy”.
“While some roles will conclude, we’re directing our focus to areas that will deliver the biggest difference for our customers, including investing in data, cyber security and engineering. We will continue to support our teams during this process,” a spokesperson said.
ANZ chief Nuno Matos last year flagged the bank needed to “put our house in order” and was moving to cut 3500 jobs by September 2026.
“My ambition is for ANZ to be the best bank for our customers, while ensuring we sustainably meet the performance expected over the long-term,” he said last September.
“We know this will be difficult news for some of our staff. While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.”
ANZ has about 40,000 employees and, according to the Australian Financial Review, has expanded its core operations and technology hubs in India and the Philippines to 11500 staff.
The Finance Sector Union (FSU) said ANZ had proposed about 100 redundancies from its tech division in Australia, with 13 roles to be offshored.
The move comes as a broader trend emerges across different industries of slashing or moving offshore IT roles currently based in Australia.
ANZ has embarked on a major restructure plan. Picture: Gaye Gerard / NewsWire
The FSU on Wednesday revealed 232 technology staff at Commonwealth Bank had been told their jobs would be gone by the end of 2026.
Some employees were expected to be redeployed, according to the union, which said 1000 workers had been jettisoned by CBA – which recorded $11 billion in profits – this year.
“These savage job cuts confirm that there will never be a profit margin big enough to satisfy Australia’s richest bank,” national secretary Julia Angrisano said.
She said the recent news CBA chief Matt Comyn would see his renumeration rocket up 30 per cent to $9.1 million was a “slap in the face’ to workers.
A bank spokesperson said it regularly reviewed how its teams were organised as “customer needs, technology and how we work continue to evolve”.
“Our priority is to support our people to build the skills needed for new opportunities and, when possible, move into available roles,” they said.
On Thursday, news.com.au reported retail giant Kmart had quietly shed roles from its tech department although the number of affected employees was unclear.
“As part of the normal course of managing the business, Kmart Group is always looking for ways to strengthen its operations, simplify ways of working and manage costs so it can continue to keep prices low for customers,” a spokesperson said.
“The recent changes are part of this ongoing business as usual and do not relate to store-based roles.”
In July Insignia Financial, partly owned by US software giant SS & C Technologies, moved to cut 170 jobs in operations, technology and delivery.
The FSU said at the time all roles in the redundancy round would be performed by SS & C staff in Thaland and India.
Bendigo Bank was another institution to come into the FSU’s firing line in 2026 after it penned deals with global tech companies Infosys and Genpact, with fears IT jobs would be outsourced.
The National Australia Bank has moved to hire 1000 staff in India and Vietnam after cutting 400 local jobs and CBA has also been increasing its workforce in India.
