ANZ Slashes Tech Jobs Amid Cash Rate Hike Predictions

ANZ Bank is axing hundreds of technology jobs across its operations in New Zealand and Australia, as part of a broader restructuring effort. The bank has announced plans to cut more than 100 roles in its IT division, with quality assurance engineers, lead engineers, product owners, and project managers among those affected.

ANZ's restructure comes as the Reserve Bank is predicted to hike the cash rate in September and November, according to the bank itself. The move follows similar job cuts at other major banks, including CBA, which has already axed 232 positions this week with another 60 expected to go.

ANZ's decision to offshore software testing to countries such as India and the Philippines is part of a broader trend in the banking sector. The bank now employs around 11,500 people across these locations, representing nearly 30% of its global workforce. Chief executive Nuno Matos announced plans last year to cut 3,500 jobs by September 2026, with about 3,000 already completed by June 30.