Murray Olds: Australian correspondent on ANZ Australia confirming they plan to cut thousands of jobs

ANZ's Australian parent recently announced a significant restructure, which would see about 3500 employees losing their jobs by September 2026.

ANZ Group said it would also reduce engagements with consultants and other third parties as part of the restructure.

Australian correspondent Murray Olds explained the impact of the restructure.

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:09):
You're listening to a podcast from News Talk zed Be
Follow this and our wide range of podcasts now on iHeartRadio.
International Correspondence with Ends and Eye Insurance, Peace of Mind
for New Zealand Business.

Speaker 2 (00:22):
Murray Old's Australia correspondent with US Now he mus good
afternoon Nether. All right, so what's the latest of these
comments about the migrants from India.

Speaker 3 (00:30):
Well, the lady says it's blown up like a frog
and a blender and no apology from senator, just send
a namper Jimber Price. This, of course, is the woman
who jumped into the Liberal Party when it suited her
to join Angus Taylor in the bid for a joint
leadership team with the demise of Peter Dutton. It's an

(00:52):
internal fight really. It's being played out over immigration, but
it's also about the conservative wing of the Liberal Party
over here flexing its muscles against the moderates in the
middle that woke wet middle. According to the right wingers,
Price is in trouble for saying the Albinezy is letting
in so many migrants, particularly specifically migrants from India, because

(01:14):
she said all those people vote labor. Q uproar oh,
I was taken out of context, she says, as she's
being lectured by other liberals. Later said that, you know,
as she was wrong, but she's refused to apologize. Now
here's the thing I did some digging today. Australian Indians
make up about one million people in Australia, above average education,

(01:36):
above average income. Everything you hear about them is terrific,
hard working, patriotic, prosperous. They love cricket and some of
the players actually turn out for Australia, so it's all good.
Susan Lee has done all she can as the opposition
leader to try and hose down as controversy, but Price,
who was the darling of the right wing over here,
still won't say sorry, still attacking liberal moderates.

Speaker 4 (01:59):
It's not very.

Speaker 3 (02:00):
Helpful for a party that's so far behind, it's nearly
invisible in the political race over here.

Speaker 2 (02:06):
Now, what do you make of A and Z announcing
that going to get rid of so many people?

Speaker 3 (02:10):
Wow to Cutters are going to be very active though,
shouting their raisers and the alien set. This is what
was going to happen when the new banker arrived, The
new CEO, Nuno Matos he was appointed in May, made
it very clear. I mean internal emails were leaked sadly
went to the wrong people.

Speaker 4 (02:28):
We're going to be we're going to be getting rid
of a few people.

Speaker 3 (02:30):
Well, hello, today we're found out over the next twelve
months three thousand, five hundred jobs that will be cut,
along with another one thousand contractors. Now A Matos was
hired as part of a deliberate pan to try and
drive costs down, a broader restructure strategy aimed at basically
simplifying the bank, he says, and reducing the duplicate rolls. Well,

(02:55):
the union is furious. The finance sector union says, this
isn't a strategy.

Speaker 4 (02:59):
It's completely unhinged. As I say, Mattos.

Speaker 3 (03:01):
Arrived in May the deliberate high by the board to
improve the bottom line.

Speaker 4 (03:05):
He's got a new nickname, Heather Nuno. Get on all right.

Speaker 2 (03:12):
Thank you for explaining it, Mars all right, So what
do you make of Lachland getting full control?

Speaker 4 (03:17):
Well, it means that Daddy has done it again.

Speaker 3 (03:19):
Rupert Murdoch, He's ninety four years old and the old
bugger still can take a trick. You'd never want to
play cards with Rupert Murdoch. He made this bed a
year ago. He looked at his four oldest children, Lachlan, James.
You've got Prudence and Elizabeth, and they had an irrevocable
trust that was set up many years ago, under the

(03:40):
terms of which when Rupert dies, the four adult oldest
kids would share the bulk of the estate. Rupert looked
at this last year, looked at us up. His second son,
James said, oh, he's a lefty, you know, he's worried about.

Speaker 4 (03:54):
Climate trage, a change in tree frogs.

Speaker 3 (03:57):
He apparently never considered the two women up to anything,
and he nominated Lachlan as his heir apparent, the one
and only air apparent, and he went to court in
Nevada trying to get this revocable trust changed. Well, the
judge threw it out. He said, made it's just a
complete fiction what you're saying. But Lachlan, as I say,
was Rupert's picture run the business. He's the most conservative,

(04:19):
the Rupert was arguing, and the most likely to keep
it operating profitably into the future. As I say, went
to court thrown out. He said, he's going to appeal. Well,
now private talks have settled at all Lachlan is going
to be the single heir of Rupert Murdock when he goes,
but the other three siblings are all now barred from

(04:39):
ever having any shares in the companies. Fox Corporation News Corporation.
Each is to receive more than one billion US dollars
for their shares in those two companies. So it's a
massive win for Rupert. It's kind of customer for Bob,
but he's got plenty.

Speaker 2 (04:54):
Real life succession, had a bit of ending aame.

Speaker 3 (04:57):
Oh, it's extraordinary, and you know he's set this in
training a year ago and he's done it again. Never
back against him.

Speaker 2 (05:05):
No, totally. Hemuz, Thank you very much. Murray Olds earlier, corresponding.

Speaker 1 (05:09):
For more from News Talk st B, listen live on
air or online, and keep our shows with you wherever
you go with our podcasts on iHeartRadio.