ANZ Group is considering eliminating up to 5,000 positions under a revamp led by new chief executive Nuno Matos, Bloomberg reported, citing a Capital Brief scoop.

About 2,000 of the potential cuts could come from the retail division, while the remaining 3,000 may be spread across technology, support, finance, governance, and strategy, according to the report.

No final decision has been made on the total number.

ANZ said it is conducting a strategic review and will update the market on changes to its strategy in mid-October.

In the meantime, the bank is winding down work that does not support its priorities and moving to reduce duplication and complexity.

The restructuring drew attention last week after some employees were mistakenly notified of redundancies by automated emails before receiving formal communication.

Matos apologised for the error, expedited redundancy meetings, and the bank offered counselling to affected staff.

The Finance Sector Union has cautioned the bank against rushing through the process.

Matos has said his turnaround strategy is aimed at strengthening culture, improving risk management, and lifting performance.

McKinsey & Co is assisting with the review, which follows additional capital requirements imposed earlier this year by Australia’s banking regulator over non-financial risk control failures.

ANZ, which employs around 42,000 people including about 10,800 in retail banking, has also made leadership changes in its retail division to streamline reporting lines and enhance customer focus and risk governance.

Matos joined ANZ after leaving HSBC in 2024, where he served as head of wealth and personal banking.

At the time, media reports suggested Matos was seen as a possible contender for the group CEO position, which ultimately went to Georges Elhedery.

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