ANZ to sack hundreds

Wednesday, March 12, 1997 - 11:00

ANZ to sack hundreds

By James Vassilopoulos

Esanda, the financial services arm of the ANZ Bank, plans to sack 700 workers — a 40% of its work force.

Esanda has been undertaking an 18-month review to restructure and cut costs. Some of the job losses could occur through natural attrition or redeployment, but ANZ spokespeople have not ruled out sackings.

Over the last two years, Esanda made a profit of approximately $100 million.

ANZ is also planning a major "restructure" of its retail banking operations. Job losses in this area have yet to be announced.

From GLW issue 266