ANZ restructures tech division, putting more than 100 New Zealand jobs at risk

ANZ is restructuring its technology division in New Zealand, with more than 100 jobs expected to be cut as the bank considers moving software testing work offshore, according to the Australian Financial Review.

The restructure covers more than 400 technology roles, including quality assurance engineers, lead engineers, product owners and project managers. ANZ has entered a two-week consultation with affected employees, with the final structure expected to be settled in early October.

Tech roles face cuts

The proposed changes come as banks across Australia and New Zealand continue to expand their offshore technology operations.

ANZ now employs about 11,500 people across its technology and operations hubs in India and the Philippines, representing nearly 30% of its global workforce, according to the AFR.

The bank had previously announced plans to cut 3,500 jobs by September 2026. About 3,000 of those reductions had been completed by June 30.

Offshoring reshapes banking workforce

Bendigo and Adelaide Bank has also restructured its workforce after entering multi-year partnerships with Infosys and Genpact. The FSU said about 600 jobs have been affected so far.

The developments highlight the continued shift of technology and support functions offshore as banks look to restructure their workforces and change how technology operations are delivered.

ANZ was contacted for comment.

More banking jobs affected

ANZ's proposed cuts come alongside job reductions at other Australian banks.

At Commonwealth Bank of Australia, the Finance Sector Union said 232 positions were affected during the week, with 172 expected to be made redundant. Technology workers in Sydney were among those affected, alongside employees across business banking, retail banking, institutional banking and markets, financial services, risk, human resources and the chief operations office.

CBA has also expanded its workforce in India in recent years, while NAB is preparing to hire more than 1,000 additional employees across India and Vietnam after cutting more than 400 local jobs.