Bladewatch.com

http://www.finextra.com/fullstory.asp?id=19403

ANZ Bank is set to axe 400 middle management jobs – including technology positions – before Christmas, according to local press reports.

The bank’s chief executive, Mike Smith, broke the news to staff at its headquarters in Melbourne on Friday. The cuts come on top of 400 recent losses.

Most cuts are expected to come in Australia and New Zealand, with middle management positions in all departments – including IT – in the firing line. Branch and call centre staff are reported to be safe.

We’ll have to see what happens, certainly there are some challenging trading conditions in the finance sector moving forward, and organizations (financial or not) will be making savings where posssible. Whether you need to reduce your spending to raise revenue or invest to gain new opportunities and revenue will depend on your business model.

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