ANZ will slash 3,500 jobs by September 2026 and reduce its use of consultants as part of a sweeping restructuring unveiled on Tuesday.

The bank confirmed the overhaul will cost $560 million before tax, with chief executive Nuno Matos insisting the move is about adapting to a “rapidly evolving and highly competitive banking environment”.

“Our changes also include ending or reviewing our engagements with consultants and other third parties, impacting around 1000 managed services contractors,” Mr Matos said in a statement.

“While reorganising, our teams will change the way we structure the bank and deliver our priorities, what won’t change is the dedication of our customer-facing bankers who support our customers day in, day out.”

The cutbacks come just months after Mr Matos took over fro

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