ANZ Wealth will cut 230 roles from its division, the bank confirmed today, due to rising costs and customer preferences.
Initially announcing in February that 1000 jobs would be cut in the 2012 financial year, ANZ advised staff on Wednesday that around 230 from its wealth business would be made redundant.
An ANZ spokesman told Financial Standard that it was a difficult move but the firm is working to assist those affected.
"We are working hard to find other roles for as many of them as possible and we will support those that do have to leave with an expanded package of staff assistance developed in conjunction with the Federal Government and the Finance Sector Union. These include funds for retraining and for people facing hardship," said the spokesman.
ANZ Wealth includes OnePath, E*Trade and insurance.
"The changes in our Wealth business are in response to a challenging environment which has emerged in recent years," the spokesperson said.
"This includes changed customer preferences for Wealth products following the GFC and increasing competition which is placing pressure on margins and costs," he told Financial Standard.
"We believe these changes put us in a stronger position to invest in new products and services for our customers and to take advantage of new opportunities for growth."
ANZ said it has now made the bulk of the 1000 cuts.