ANZ Cuts 400 Tech Jobs, 10 Senior Bankers Exit by October

ANZ is cutting over 400 technology roles and losing at least 10 senior bankers by October 1 as new CEO Nuno Matos restructures the business. The Australian lender is moving software testing offshore to India and the Philippines, where it already employs 11,500 staff representing nearly 30% of its global workforce. The Finance Sector Union reports about 600 jobs have been affected across the banking sector so far, with ANZ’s final structure expected in early October.

Who is leaving and when

At least 10 senior ANZ bankers are departing by October 1, including John Corrin, head of corporate finance international, and Andrew Harward, head of corporate finance North Asia. Both leave on October 1, according to an internal memo seen by Bloomberg News. The departures occur as Matos, who took over as CEO, reshapes the bank’s leadership structure across Hong Kong, Singapore, and Sydney.

The 400-job tech restructure

ANZ is reviewing over 400 technology roles across Australia and New Zealand, including quality assurance engineers, lead engineers, product owners, and project managers. More than 100 permanent jobs are expected to go in New Zealand alone. The bank entered a two-week consultation with staff on the cuts, with the final structure to be settled in early October. The restructure covers software testing and other IT functions.

Offshore shift accelerates across Australian banking

ANZ now employs roughly 11,500 people in India and the Philippines, representing nearly 30% of its total global workforce. Commonwealth Bank cut 232 jobs this week with 172 redundancies expected, while NAB is hiring over 1,000 staff in India and Vietnam after cutting 400 local roles. Bendigo and Adelaide Bank restructured its workforce after partnering with Infosys and Genpact. The Finance Sector Union says about 600 jobs have been affected across the sector so far.

Matos pushes ahead with 3,500-job cuts

CEO Nuno Matos announced plans last year to cut 3,500 jobs across ANZ by September 2026. About 3,000 of those cuts were completed by June 30, 2026. The latest restructure accelerates the bank’s shift toward offshore operations and digital-first banking, continuing Matos’s overhaul since taking the helm.

Final Thoughts

ANZ’s restructure signals a major shift in Australian banking toward offshore IT and operations. With Meyka grading ANZ a B- and the stock trading at A$37.84, investors should monitor the cost savings against execution risks and staff morale impacts.

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