ANZ cuts jobs as roles sent offshore

ANZ is cutting 70 staff from its wealth management operations and outsourcing the work to India.

The bank has advised staff in its wealth division that about 70 positions are to be made redundant, most of which will be "back office type roles" in Sydney in Melbourne.

The roles will be outsourced to one of the bank's offices in Bangalore, ANZ said on Wednesday.

"These changes reflect the need to simplify our business given the more subdued economic environment and to ensure our customers are supported with specialist back-office capabilities," an ANZ spokesman said.

All staff affected by the cuts will be provided with support services and will be able to apply for other roles at ANZ, he said.

The Financial Services Union said the job cuts were not acceptable given the bank's strong financial performance.

"ANZ should do the right thing by customers and their loyal staff, and keep jobs and data in Australia," FSU national secretary Leon Carter said.

"And with ANZ on track to post another record profit this year, it is simply not good enough that finance workers face an uncertain future while working for one of Australia's most profitable banks."

ANZ last week reported a first quarter net profit of $1.36 billion.

The bank's announcement on jobs follows Westpac's move last week of 134 roles to India and the Philippines.

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