ANZ Profit Hit by Job Cuts and ASIC Fines
ANZ is expected to announce a $1.1 billion profit hit due to restructuring costs and penalties imposed by the corporate regulator.
The bank will cut over 3,000 staff, an 8% reduction of its 43,000 global workforce, resulting in a $414 million cost and a pre-tax cost of $585 million.
ANZ has flagged a $1.1 billion profit hit from the cost of cutting more than three thousand staff and penalties imposed by the corporate regulator ahead of reporting its earnings for the financial year.
The earnings report, the first under chief executive Nuno Matos, is expected in November.
Author's summary: ANZ faces $1.1b profit hit due to job cuts and fines.
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