ANZ: 3,500 jobs cut

ANZ cut 3,500 staff and 1,000 contractors with technology divisions impacted. CEO Nuno Matos said the cuts had 'absolutely nothing to do with AI', though the timing coincides with industry-wide AI adoption. The AI attribution is indirect; the company is investing in AI but did not explicitly link these specific cuts to automation. Of the 3,500 total positions affected, our methodology estimates that approximately 525 roles (15%) are attributable to AI-driven changes. This is part of a broader pattern in Banking where companies are restructuring operations around AI capabilities while reducing headcount in functions susceptible to automation.