---
title: "Why ANZ Bank Workers Should Read Their CEO's AI Job Cut…"
canonical: "https://www.metaintro.com/blog/anz-ceo-ai-job-cuts-bank-workers"
language: "en"
author: "drashtigarach"
published: "2026-09-15T10:06:31.000Z"
modified: "2026-10-02T19:48:24.768Z"
---

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# Why ANZ Bank Workers Should Read Their CEO's AI Job Cut Warning Closely

ANZ's CEO won't rule out AI job cuts at a bank of about 40,000 staff. What workers in roles AI can absorb should do now, from redundancy pay to new skills.

[![Drashti Garach](https://cdn.metaintro.com/rs:fill:40:40/q:72/plain/images/5719d740-e510-42bc-8017-e040d145f35f_1766029465094.png)Drashti Garach @DrashtiGarach](/blog/author/drashtigarach)

[September 15, 2026](/blog/archive/2026/09)Updated October 2, 202614 min read

![A small white service robot standing at a timber counter in a bright bank branch](https://cdn.metaintro.com/rs:fill:1200:675/q:78/plain/images/anz-ceo-ai-job-cuts-bank-workers-hero.jpg)

[https://x.com/intent/tweet?text=Why%20ANZ%20Bank%20Workers%20Should%20Read%20Their%20CEO's%20AI%20Job%20Cut%20Warning%20Closely&url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers](https://x.com/intent/tweet?text=Why%20ANZ%20Bank%20Workers%20Should%20Read%20Their%20CEO's%20AI%20Job%20Cut%20Warning%20Closely&url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers)[http://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers](http://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers)[https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers&title=Why%20ANZ%20Bank%20Workers%20Should%20Read%20Their%20CEO's%20AI%20Job%20Cut%20Warning%20Closely](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers&title=Why%20ANZ%20Bank%20Workers%20Should%20Read%20Their%20CEO's%20AI%20Job%20Cut%20Warning%20Closely)[mailto:?subject=Why%20ANZ%20Bank%20Workers%20Should%20Read%20Their%20CEO's%20AI%20Job%20Cut%20Warning%20Closely&body=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers](mailto:?subject=Why%20ANZ%20Bank%20Workers%20Should%20Read%20Their%20CEO's%20AI%20Job%20Cut%20Warning%20Closely&body=https%3A%2F%2Fwww.metaintro.com%2Fblog%2Fanz-ceo-ai-job-cuts-bank-workers)

The chief executive of one of Australia's largest banks has told a room full of business leaders that he cannot promise AI will leave his workforce intact. [Investing.com](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) reports that ANZ, which [employs approximately 40,000 workers](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138), will not rule out significant job cuts, and that chief executive Nuno Matos answered the question by saying [I don't know and I think whoever says something that is certain will lie to you](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138). At [Metaintro](https://www.metaintro.com) we read remarks like this from the worker's side. The short answer for ANZ staff is that nobody at the top is offering job guarantees, the bank [announced a large restructure in September 2025](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), and people whose daily work is processing, checking and reporting should plan as if their role will change.

## What happened

Matos was speaking at the [Australian Financial Review Asia Summit in Sydney on Tuesday](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138). [Reporting by Australian Associated Press, carried at the Mandurah Mail](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/), says he was asked about the threat AI poses after a string of public warnings from the people building the technology. His read was that the builders now believe [the risk of this technology is well above what they expected](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/).

The coverage that followed leaned hard on the jobs question. [The Business Standard report](https://www.business-standard.com/technology/artificial-intelligence/anz-ceo-nuno-matos-warns-of-ai-risks-job-cuts-after-musk-altman-alert-126091500135_1.html), first published on [Sep 15 2026](https://www.business-standard.com/technology/artificial-intelligence/anz-ceo-nuno-matos-warns-of-ai-risks-job-cuts-after-musk-altman-alert-126091500135_1.html), framed the remarks around the [potentially destabilizing impact of AI adoption on society should mass job losses emerge](https://www.business-standard.com/technology/artificial-intelligence/anz-ceo-nuno-matos-warns-of-ai-risks-job-cuts-after-musk-altman-alert-126091500135_1.html). The same report said Matos [didn't rule out the possibility of sweeping cuts at ANZ due to AI](https://www.business-standard.com/technology/artificial-intelligence/anz-ceo-nuno-matos-warns-of-ai-risks-job-cuts-after-musk-altman-alert-126091500135_1.html). [The Investing.com account](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) adds that he cautioned that without proper limits AI could [destabilize society through mass unemployment](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138).

Then came the part that matters most to bank staff. The [AAP account](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/) says Matos told the room that while the full impact on jobs is not clear, [those who don't adopt AI technologies will lose their job to someone who does](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/). He also said [Is it possible that we are all going to lose our jobs? It is possible](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/). When he was asked whether [the around 9000 ANZ employees in India will be disrupted by AI](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/), his reply was two words, [Nobody knows](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/).

He also offered a more human note, which workers will read in different ways. [Human beings are not made to stay at home. That's not a way of living](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/), he said of what job losses do to people. He also said flatly that [AI is a reality. No more debate](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/). The appearance was briefly interrupted when a protester rushed the stage, and Matos told the audience it was [part of the job](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/) once security had stepped in.

> ANZ employs [approximately 40,000 workers](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138), and its chief executive declined to rule out significant AI job cuts among them, according to Investing.com.

This was not the first time ANZ staff had heard about job losses from their chief executive. [The ABC News report on the restructure](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), published in September 2025, said the bank expected to [cut about 3,500 jobs at the bank over the next 12 months](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), while [1,000 contractors will also be impacted](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484). At the time, the company flagged [September 2026 as the date the job losses would be finalised](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), and said it would book [restructuring charges of around $560 million, before tax](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484). Matos said at the time that [branches, call centres](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484) and, for the most part, complaints management teams would be untouched by that round.

The way job losses were communicated also left a mark. [Reuters reporting carried by Yahoo News](https://www.yahoo.com/news/articles/anz-ceo-says-firing-staff-064656485.html) found that some retail banking staff were told of their redundancies by automated emails sent by mistake, and Matos wrote to affected staff that the handling was [indefensible and deeply disappointing](https://www.yahoo.com/news/articles/anz-ceo-says-firing-staff-064656485.html). The cuts also kept widening. On [30 January 2026](https://www.fsunion.org.au/anz-announces-more-job-cuts-urgent-meetings-and-support/), the Finance Sector Union said ANZ had announced additional restructures affecting its [Business and Private Bank, Talent and Culture, and Group Technology divisions](https://www.fsunion.org.au/anz-announces-more-job-cuts-urgent-meetings-and-support/).

The risk function has not been spared either. [The Capital Brief newsletter](https://www.capitalbrief.com/newsletter/anzs-risk-factor-7640cc70-a8d2-408f-bb82-6a60b115032a/) reported on internal emails raising concerns about [150 redundancies](https://www.capitalbrief.com/newsletter/anzs-risk-factor-7640cc70-a8d2-408f-bb82-6a60b115032a/) in ANZ's non-financial risk teams, with staff warning the bank could be left under-resourced while it works under an enforceable undertaking with the prudential regulator that carried a [$1 billion risk capital overlay](https://www.capitalbrief.com/newsletter/anzs-risk-factor-7640cc70-a8d2-408f-bb82-6a60b115032a/).

ANZ is also not the only Australian bank talking about what AI can take off the payroll. In the same Investing.com report, Westpac's chief data, digital and AI officer said [five AI agents could eliminate 250,000 manual activities annually](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) while freeing [roughly 150,000 banker hours per year](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) across mortgages and consumer finance, according to Investing.com.

## Where the coverage agrees, and where it splits

Every account agrees on the core point for staff. ANZ's chief executive did not rule out large AI job cuts, and he tied his caution to public warnings from [Elon Musk, Dario Amodei and Sam Altman](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138). The [AAP report](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/) quotes him saying that the call from those three to slow down [should tell us something very clear](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/). Nobody reports him promising to protect roles, and nobody reports a specific number of AI-linked cuts. That absence is itself the news. A chief executive who wanted to calm staff had the chance and chose honesty over reassurance.

The framing is where the outlets part ways. The AAP story, as carried by regional mastheads, led with the idea of AI's deadly risks and gave space to the protester. [Business Standard](https://www.business-standard.com/technology/artificial-intelligence/anz-ceo-nuno-matos-warns-of-ai-risks-job-cuts-after-musk-altman-alert-126091500135_1.html) put the society-wide job loss scenario at the top. [Investing.com](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) went further than both by setting ANZ's caution next to a rival bank's upbeat numbers. Westpac described its AI agents in terms of work removed and hours freed, and it did not describe them as job cuts. For a worker, that difference is mostly vocabulary. [Roughly 150,000 banker hours per year](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) is capacity that either moves to new work or stops needing to be paid for.

The AAP account also carried a global point that the business coverage skipped. It said that in the United States [about 30 per cent of firms have a paid subscription](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/) to one of the two market leaders, while countries such as Japan, China and India are slightly behind because their economies have more manual work. That is an economy-wide observation, and it says nothing about the office roles ANZ staff in India actually do. It is a mistake to read slower national adoption as protection for bank employees whose work is already digital.

What the summit coverage glossed over is the history, and that history is what gives the remarks weight. None of the Tuesday reports reviewed here mentions the restructure that the [ABC reported in September 2025 would cut about 3,500 jobs](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), or that the union fought it. When that plan was announced, Matos said [This is not about profits, this is about getting the things right](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), and the company talked about removing duplication. AI was not the stated reason. On Tuesday AI was openly on the table as a possible driver of future cuts, which is a different conversation for anyone whose job survived the first round.

> Finance Sector Union president Wendy Streets said that when the union asked ANZ who would do the work of the departing staff, [the bank had no answer, except to say the work will simply stop](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), according to the ABC, which quoted her statement in September 2025.

The union has been pressing exactly this point. [The Adviser reported](https://www.theadviser.com.au/lender/47708-fsu-calls-for-clarity-from-banks-on-layoffs-and-ai-plans), the month after ANZ announced its job cuts, that the Finance Sector Union accused ANZ of cost cutting [without genuine consultation or care](https://www.theadviser.com.au/lender/47708-fsu-calls-for-clarity-from-banks-on-layoffs-and-ai-plans) and called for the bank to commit to no forced job cuts and to be transparent about its use of AI and offshoring. That same report, filed the month after ANZ's announcement, noted that Commonwealth Bank had announced plans to [axe at least 45 staff and replace them with AI](https://www.theadviser.com.au/lender/47708-fsu-calls-for-clarity-from-banks-on-layoffs-and-ai-plans) before backtracking after a backlash, which shows that AI-linked cuts in Australian banking are not hypothetical and that pushback can change the outcome.

The primary documents add the piece that most coverage leaves out entirely, which is what staff are owed. The union's own notice says that under the ANZ Enterprise Agreement, management must [consult about proposed changes, discuss effects on employees, consider feedback, and implement measures to mitigate adverse consequences](https://www.fsunion.org.au/anz-announces-more-job-cuts-urgent-meetings-and-support/). The [Fair Work Ombudsman](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) sets the legal floor, and says an employee may be entitled to redundancy pay if they have [at least one year of continuous service](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) and their employer [employs at least 15 people](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements).

## What this means for your job search

Our take is that an honest answer of nobody knows should be treated as a planning signal, not as comfort. ANZ [announced deep cuts in September 2025](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484), the union [reported another restructure in January 2026](https://www.fsunion.org.au/anz-announces-more-job-cuts-urgent-meetings-and-support/), and the chief executive now says AI could drive more. If you work at ANZ, or at any bank whose leaders talk this way, the time to prepare is while your pay is still arriving.

Start with an honest audit of your own week. Westpac's example is useful because it shows where banks are aiming first, at [250,000 manual activities annually](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) in mortgages and consumer finance. List the tasks you do most often. If most of them are data entry, document checks, reconciliations, report building or routine approvals, you are in the zone these tools are built for. If most of them involve judgement calls, difficult customers, regulators or negotiation, you are further from it, though not out of it. Remember that the earlier promise to leave [branches, call centres](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484) and most complaints teams untouched applied to the round announced in September 2025, and it was not a promise about AI.

Next, learn exactly what you are owed before anyone raises it with you. In Australia, redundancy pay under the National Employment Standards is set by length of service, and it is [paid at the employee's base pay rate for their ordinary hours of work](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements), which means bonuses, overtime and allowances do not count. The [Fair Work Ombudsman](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) says [any outstanding entitlements also need to be paid out, including any unused annual leave and long service leave](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements), and that an employer [must still give an employee notice of termination](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) when a job is made redundant.

> An employee with [at least 5 years but less than 6 years](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) of continuous service is owed a minimum of [10 weeks](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) of redundancy pay under the National Employment Standards, according to the Fair Work Ombudsman.

The scale tops out at [16 weeks](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) for staff with nine to ten years of service under the standards, and the [Fair Work Ombudsman notes that awards and agreements can set a different entitlement](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements). Pull up your enterprise agreement and read the redundancy and consultation clauses tonight. Those clauses, not a press conference, decide your payout and your rights to be consulted.

Then use the consultation process instead of waiting for it to end. [The union's September 2025 list of demands](https://www.fsunion.org.au/fsu-members-demand-support-in-response-to-anz-job-cuts/) is a good checklist of what to ask HR for in writing. It asked for [no forced retrenchments](https://www.fsunion.org.au/fsu-members-demand-support-in-response-to-anz-job-cuts/), [redeployment by agreement](https://www.fsunion.org.au/fsu-members-demand-support-in-response-to-anz-job-cuts/), [three days' paid change impact leave](https://www.fsunion.org.au/fsu-members-demand-support-in-response-to-anz-job-cuts/) for directly affected staff, [waived non-compete clauses](https://www.fsunion.org.au/fsu-members-demand-support-in-response-to-anz-job-cuts/) and [concessional loan rates for 12 months](https://www.fsunion.org.au/fsu-members-demand-support-in-response-to-anz-job-cuts/). You may not win all of those, but asking early about redeployment and non-compete terms tells you how much room you have to move to another lender. The union also [filed a dispute with the Fair Work Commission](https://www.fsunion.org.au/fsu-members-demand-support-in-response-to-anz-job-cuts/) over consultation, which is a reminder that the process has teeth when staff use it.

Build AI fluency inside the job you have now. Matos gave the clearest career advice of the day when he said people [who don't adopt AI technologies will lose their job to someone who does](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/). Volunteer for the pilot, learn the approved tools, and keep a simple record of time saved and errors caught, because that record is what gets you redeployed rather than released. You do not need a degree to start, and practical options for [learning AI skills without going back to school](https://www.metaintro.com/blog/how-to-upskill-for-ai-without-going-back-to-school) can fit around a full-time role.

Keep the wider market in view so you are not reading one bank's comments in isolation. The union's demand for transparency on AI and offshoring is a question bank staff in every market can put to their own employer, and it connects to [our earlier look at what Australian data says about AI and layoffs](https://www.metaintro.com/blog/australia-ai-no-mass-layoffs-2026) and to [our coverage of European bank job forecasts](https://www.metaintro.com/blog/european-banks-may-cut-20-percent-jobs-ai-2030). Wherever you work, the signal to watch is the language of hours freed and manual activities removed, because that is how a bank describes work it plans to do with fewer people.

Finally, start the search while you are still employed. In September 2025, Matos said he expected those cuts to be [concentrated at the beginning](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484) of next year, and the union reported a further restructure at the end of January 2026. Refresh your resume around outcomes rather than duties, reconnect with former colleagues who moved to other lenders, fintechs and regulators, and look at roles where banking knowledge plus AI tools is the combination employers want, such as risk, compliance, lending operations and customer remediation. For the roughly [9000 ANZ employees in India](https://www.mandurahmail.com.au/story/9350829/big-four-bank-boss-weighs-in-on-ais-deadly-risks/) and colleagues in other hubs, the same advice applies. A clear record of what you delivered travels across employers and borders far better than a job title does.

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## People Also Asked

### Q: Did ANZ's CEO say AI will cut jobs at the bank?

A: He did not say it will, but he refused to rule it out. At the summit, [Investing.com reports](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) that he declined to rule out significant cuts at a bank of [approximately 40,000 workers](https://ca.investing.com/news/stock-market-news/anz-chief-warns-of-ai-risks-wont-rule-out-job-cuts-93CH-4839138) and said anyone claiming certainty would be lying.

### Q: How much redundancy pay do bank workers in Australia get?

A: It depends on service and on your agreement. The [Fair Work Ombudsman](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) says employers with at least 15 staff must pay a minimum set by years of service, from [4 weeks](https://www.fairwork.gov.au/ending-employment/redundancy/redundancy-pay-and-entitlements) for one to two years up to 16 weeks for nine to ten years, and an enterprise agreement can set a different amount.

### Q: Which ANZ teams have already been affected by job cuts?

A: In September 2025, Matos said branches and call centres would be untouched by that round, [according to the ABC](https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484). In January 2026 the union reported restructures reaching [Business and Private Bank, Talent and Culture, and Group Technology](https://www.fsunion.org.au/anz-announces-more-job-cuts-urgent-meetings-and-support/), and [Capital Brief reported concerns over 150 redundancies](https://www.capitalbrief.com/newsletter/anzs-risk-factor-7640cc70-a8d2-408f-bb82-6a60b115032a/) in non-financial risk teams.

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