The Financial Sector Union (FSU) has reported a surge in stress, anxiety, and physical health issues among ANZ employees following the elimination of 3,500 jobs. This announcement comes after ANZ reported a full-year profit of $5.7 billion on Monday. ANZ is one of Australia’s largest banks, providing a range of financial products and services to retail, commercial, and institutional customers. It operates across Australia, New Zealand, and the Asia Pacific region.
The FSU’s interim survey results reveal a workforce experiencing extreme stress and uncertainty after chief executive Nuno Matos’ decision to cut thousands of jobs. Finance Sector Union national president Wendy Streets stated that while the bank reports significant profits, many employees are grappling with anxiety, burnout, and dread.
“We’re hearing from people who can’t sleep, who’ve developed panic attacks, and who dread going to work,” Streets said. “ANZ’s profits are up, but so is the human cost. The bank has a culture of uncertainty so severe it’s making people sick.” Workers have described experiencing “chaos, exhaustion and fear” as they await news about their job security, with approximately 80 per cent reporting feeling nervous or on edge almost daily.
Streets added that the FSU views ANZ’s pursuit of record profits as having created a trail of harm, further suggesting that the recent job cuts are entirely unjustified. The union continues to advocate for the well-being of ANZ employees amidst the ongoing restructuring.
