ANZ is cutting 200 local jobs, blaming low lending growth and tough economic conditions.
The axed roles are largely based in Melbourne and are mostly managerial. There are also some back-office positions in marketing that will be cut.
The bank informed their staff of the redundancies on Tuesday morning, Fairfax reported. The bank will be offering internal positions to the staff, but in scaled-down departments.
"Workers would go through a "preference and selection" process in which they could apply for positions in scaled-down departments," ANZ spokesman Stephen Ries told Fairfax Media.
Mr Ries said staff could not take part in that process if the bank could not find a suitable role for them.
Those left without new positions will lose their jobs, he said.
The concerned staff will learn about their fate within a month.
ANZ, the largest-biggest Australian bank by market value, recently cut its dividend for the first time since the global financial crisis in 2008 after posting a sharp drop in profit.
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