ANZ sacks 800 managers

ANZ on Friday advised staff of plans to make a raft of middle managers redundant. According to numerous media reports the cuts will affect about 800 staff, with 600 or so axed in Australia and most of the remainder in New Zealand. In early September the bank announced a reorganisation of its domestic business, one theme of which was that it planned to hack out five layers of middle management. The announced cuts are slightly larger than the preliminary estimates reported at the time of the original ANZ announcement but not as significant as some more extreme reports seven weeks ago.

Source: The Sheet