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More than a dozen Kiwi roles face chop as ANZ moves work overseas

Author
Raphael Franks,
Publish Date
Fri, 22 Mar 2024, 7:13am

More than a dozen Kiwi roles face chop as ANZ moves work overseas

Author
Raphael Franks,
Publish Date
Fri, 22 Mar 2024, 7:13am

More than a dozen Kiwi jobs are on the line at ANZ as the country’s largest bank moves some of its work overseas. 

A spokeswoman for the bank told the Herald up to 14 roles could be impacted by plans to move its IT service desk operation to the Philippines’ capital, Manila. 

“A number of New Zealand-based staff will continue to provide IT support. The team based in Manila will also provide support for our staff outside of New Zealand work hours,” the spokeswoman said. 

“We’re hopeful of finding roles for [the] up to 14 staff [who] may be impacted,” she said. 

ANZ’s last reported profit for 2023 was $2.135 billion. 

The bank said its net profit, including gains and losses from economic hedges, fell 7 per cent for the September year 2023. 

Across the Tasman, ANZ Bank - the parent group - reported a record full-year cash profit of A$7.4b ($7.99b), up 14 per cent on the previous year. 

The potential job losses come after another big New Zealand employer, Spark, called staff into restructuring meetings last Thursday. 

An insider said 22 marketing roles could go as part of a pivot to a stronger business focus at Spark. He said no product roles were on the line. The Herald understood contractors were also being culled. 

There are also announcements of widespread job losses across the public sector this week as the Government seeks to cut costs, while New Zealand also officially entered recession. 

For ANZ, meanwhile, news of jobs moving overseas came the same day New Zealand’s competition watchdog said the country’s banking sector was working under a “two-tier oligopoly”. 

In a draft report, the Commerce Commission concluded the big four Australian-owned banks, ANZ, ASB, BNZ and Westpac, enjoy sustained high levels of profitability compared with their global peers. 

The Commerce Commission reiterated what is already well known to the Government - Kiwibank needs more capital to grow to become a meaningful disrupter in the sector. 

The commission didn’t have a view on whether the Government should give Kiwibank more capital, or enable the bank to attract it from the private sector. 

Beyond this, many of its recommendations related to how controversial regulatory settings could be tweaked to help existing smaller banks grow, and financial technology firms take off. 

Commerce and Consumer Affairs Minister Andrew Bayly didn’t provide too much assurance he would act on the recommendations. 

“I am working with our coalition partners to determine any possible response including the option of the select committee inquiry, but will determine what actions to take following the release of the final report [by August 20],” he said. 

Raphael Franks is an Auckland-based reporter who covers breaking news. He joined the Herald as a Te Rito cadet in 2022. 

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