ANZ slashes 1,000 jobs, freezes senior executives pay

Australia & New Zealand Banking Group Ltd (ANZ), Australia's third-largest bank today announced that it will eliminate about 1,000 jobs and reiterated a pay freeze for most senior executives in order to adapt to tougher global environment.

The Melbourne-based bank will slash around 1,000 jobs primarily in middle-management, back-office and support functions, and a small number of customer-facing

ANZ, which currently employs approximately 24,000 in Australia and 49,000 world-wide, said that 492 jobs would be affected in its home country.

The move comes just a week after fellow banking giant Westpac Banking Corp said that it will axe up to 550 jobs, while Royal Bank of Scotland's Australian arm said that it will eliminate some 170 positions. 

ANZ justified the job cuts by saying that it had to adapt to the emerging environment for banks world-wide including intense pressure on margins associated with higher funding costs, lower consumer and business demand for financial services, and increasing global regulation.

It will continue to enforce a pay freeze for the 2012 financial year for most senior executives in line with its announcement made in late 2011.