Around 3500 ANZ employees will lose their jobs within a year with job cuts the finance union has called "unhinged".

The bank announced the major restructuring on August 9, citing a "rapidly evolving and highly competitive banking environment".

In addition to job cuts , the bank also plans to reduce reliance on consultants and other third parties, which will affect around 1000 managed services contractors.

ANZ said the changes were designed to "simplify the bank, strengthen its focus on its priorities and deliver for its customers".

The restructuring, which is expected to be completed by September 2026, will result in a pre-tax charge of roughly $560 million to be included in its second-half 2025 results.

ANZ CEO Nuno Matos was aware the news would be "difficult" for some staff.

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