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.

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Episode Transcript

Speaker 1 (00:00):
International Correspondence with Ends and Eye Insurance, Peace of Mind
for New Zealand Business.

Speaker 2 (00:06):
Murray Old's Australia correspondent with US now he mus good afternoon, Heather.
All right, so what's the latest of these comments about
the migrants from India.

Speaker 3 (00:13):
Well, the latest says it's blown up like a frog.

Speaker 1 (00:16):
And a blender and no apology from senator just sent
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
internal fight really. It's being played out over immigration, but

(00:38):
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 Albanese government is
letting in so many migrants, particularly specifically migrants from India,
because she said all those people vote labor q uproar

(01:01):
oh I was taken out of context, she says, as
she's being lectured by other liberals. Later said that you
know 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,
above average income. Everything you hear about them is terrific,

(01:24):
hard working, patriotic, prosperous. They love cricket and some of
the players actually turn out for Australia.

Speaker 3 (01:30):
So it's all good.

Speaker 1 (01:31):
Susan Lee's done all she can as the opposition leader
to try and hose down this controversy. But Price, who
was the darling of the right wing over here, you
still won't say sorry, Still attacking liberal moderates. It's not
very helpful for a party that's so far behind. It's
really invisible in the political race over here.

Speaker 2 (01:49):
Now what do you make of A and Z announcing
they're going to get rid of so many people?

Speaker 1 (01:53):
Wow to Cutters are going to be very active though,
shouting their raisers and the alien said, 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 3 (02:11):
We're going to be We're going to be getting rid
of a few people.

Speaker 1 (02:14):
Well, hello, today we've found out over the next twelve
months three thousand, five hundred jobs that will be cut,
along with another one thousand contractors. Now, Matos was hired
as part of a deliberate pan to try and drive
costs down, a broader restructure strategy aimed at basically simplifying

(02:34):
the bank, he says, and reducing the duplicate rolls. Well,
the union is furious. The Finance sector Union says this
isn't a strategy.

Speaker 3 (02:42):
It's completely unhinged.

Speaker 1 (02:44):
As I say, Matos arrived in May the deliberate high
by the board to improve the bottom line. He's got
a new nickname, Eaither Nuno get on.

Speaker 2 (02:52):
All right, Thank you for explaining it, Mars. All right,
So what do you make of Lachlan getting full control?

Speaker 3 (03:00):
Well, it means that daddy has done it again.

Speaker 1 (03:02):
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 bet 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

(03:23):
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.

Speaker 3 (03:37):
He's worried about climate trage, a change in tree frogs.

Speaker 1 (03:40):
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 irrevocable 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 pick to run the business. He's the most conservative,

(04:03):
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 Murdoch when he goes.
But the other three siblings who are all now barred
from ever having any shares in the companies. Fox Corporation,

(04:26):
News Corporation. Each is to receive more than one billion
US dollars for their shares and those two companies. So
it's a massive win for Rupert. It's kind of customer
for you, Bob. But he's got plenty.

Speaker 2 (04:38):
Real life succession, had a bit of ending game.

Speaker 1 (04:40):
Oh it's extraordinary, and you know he's set this in
train a year ago and he's done it again. Never
back against him.

Speaker 2 (04:48):
No, totally, Hemuz, Thank you very much. Murray Olds Australia corresponding.

Speaker 1 (04:53):
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