ANZ Profit Hit by Job Cuts and ASIC Fines
ANZ is expected to announce its earnings in November, but has been impacted by restructuring costs, including a $1.1 billion profit hit.
The cost includes $414 million for cutting over 3,000 staff, an 8% reduction of ANZ's 43,000 global workforce, and penalties imposed by the corporate regulator.
The pre-tax cost will be $585 million, exceeding the bank's initial forecast of $560 million.
No comment from the bank's chief executive Nuno Matos is available at this time.
Author's summary: ANZ faces $1.1b profit hit due to job cuts and fines.