ANZ bank has axed 1,100 jobs as part of its $1.3 billion restructuring plan.

Key points:The bank says it expects to close more than 700 bank accounts and consolidate another 300 locationsThe bank said it plans to close about 1,200 retail and restaurant locationsThe plan, which is subject to approval from its regulators, includes the construction of a new building at the Sydney branch.

The Australian Financial Services Association said the bank’s plans for the Sydney office were “not in line with the industry we work with”.

“These closures will be felt by the many people who have worked hard for decades to make Australia’s banking system stronger,” said ANSA president Nick Hildebrand.

“We want to thank the bank for their efforts and we look forward to the day they will reopen.”

Mr Hildemark said the company was “fully committed” to the Sydney location, but the plan had “deviated from expectations”.

“The bank has been a key player in Australia’s financial system for many decades, building on its longstanding strengths,” he said.

“This restructuring plan will see the bank make changes that will benefit the Australian economy and the wider financial system, as well as those who work in and around the bank.”

The ANSA looks forward to working with the bank and the government to implement these changes.

“Mr Scott said the closure would result in the loss of 1,300 jobs.”

It is a significant impact for the bank, as we have a number of bank branches in the Sydney CBD,” he told the ABC.”

But it will also be felt across our banking business.

“We expect that as a result of the closures, we will have to reduce the number of people working in our Sydney branch, and consolidate the remaining 300 locations.”

He said the organisation would also have to relocate about 100 employees.

“There will be a reduction in our staff, but we will continue to support our local community,” he added.

The bank will also cut about 300 staff at its retail and dining operations, as it builds a new $5 billion office at the bank branches.

Mr Scott says the bank is “delivering on our commitment” to invest in the financial services industry, and said it would continue to invest across the economy.

“Australia’s financial services sector is the fastest-growing in the world, and we have an important role to play in that,” he noted.

“Our financial services business is a strong pillar of our economy, and one of our top priorities is to make sure that it is successful.”

Topics:bankers,business-economics-and-finance,jobs,finance-and/or-investment,sydney-2000,sydney-airport-2020,snoqualmie-2530,perth-6000,australiaContact Nick HildeburnMore stories from Australia

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