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Australia's ANZ to axe 12 roles in its markets division

Published 22/03/2016, 05:53 pm
© Reuters. Australia's ANZ to axe 12 roles in its markets division
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ANZ
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SYDNEY, March 22 (Reuters) - Australia and New Zealand Banking Group ANZ.AX will cut 12 jobs in its markets division, part of a restructuring effort under new CEO Shayne Elliott that includes pulling back on its Asian businesses and reducing costs amid more onerous capital rules.

The headcount reduction comes on top of 100 job cuts announced this month in what ANZ dubs its "emerging corporate" business, as well as some high profile exits including global head of wealth Joyce Phillips and head of its institutional bank Andrew Geczy. latest cuts affect jobs in Australia, New Zealand, Asia and the United Kingdom.

"We've announced changes today in our markets division to simplify the business and reduce costs by better aligning our trading and sales functions," a spokesman said via email.

Last month, Commonwealth Bank of Australia CBA.AX said it has shut its five-person project advisory team while Westpac WBC.AX plans to cut 100 jobs within its institutional bank.

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