ANZ has announced it will cut 200 jobs with the bulk of them coming out of Melbourne.
The bank said “around 200 roles” would be made redundant.
According to ANZ spokesperson, Stephen Ries, the roles are largely based in Melbourne and are mainly managerial and back office positions in such areas as marketing and project management.
Mr Ries told the media the jobs cuts were in response to “subdued economic conditions, low lending growth and the need to simplify our business and improve productivity,”
The banks has also imposed a hiring freeze “to maximise redeployment opportunities inside the bank.”
The announcement comes after ANZ profits fell 24 per cent to $2.8 billion and the bank slashed its dividend to 80 cents.