Bank that sacked thousands of Aussies hit by $1.1 billion blow

ANZ has warned investors to brace for a much than $1.1 cardinal rustle to its bottommost statement erstwhile it releases its half-year updates successful a small complete a week.

The large 4 slope announced this greeting its second-half profit for 2025 will beryllium impacted by respective "significant items", totalling a mixed $1.109 cardinal aft tax.

A ample proportionality of that is associated pinch nan decision taken past period to slash 4500 jobs – 1000 of which were contractors, while nan remaining 3500 were full-time employees.

ANZ said nan costs of those redundancies will deed $585 million, though it drops to $414 cardinal erstwhile taxation is taken into account.

When it announced nan occupation cuts, ANZ said customer-facing frontline roles would only spot a constricted impact, and main executive Nuno Matos insisted nan move was basal to guarantee nan bank's early success.

"We are operating successful a quickly evolving and highly competitory banking environment," he said astatine nan time.

"As we proceed our strategical review, we are eliminating plagiarism and complexity, stopping activity that doesn't support our priorities, and sharpening our attraction connected improving our non-financial consequence guidance practices crossed nan bank."

Also included successful ANZ's $1.1 cardinal rustle is $271 cardinal successful fines and costs for years of unconscionable conduct, including failing to respond to customer hardship notices and making misleading statements astir liking rates.

The slope agreed to salary a grounds $240 cardinal good for nan behaviour aft it was sued by financial watchdog ASIC.

The Federal Court still needs to o.k. that fine, and ANZ said this greeting it had besides accrued $31 cardinal successful costs related to nan matter.

Following this morning's announcement, ANZ's stock value fell by a small complete half a per cent to $36.65, though that's still acold higher than nan astir $33 it was trading astatine earlier September's occupation cuts were revealed.

The slope will station its half-year net connected November 10.

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