Thousands of jobs will be slashed in a major bank restructure, sparking criticism of the "unhinged" decision.

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ANZ announced on Tuesday that 3500 staff and 1000 contractors would be laid off by September 2026 as part of the $560 million plan.

The bank said it was part of a push to simplify operations and focus on the "priorities of customers" alongside a sweeping move to cut consultant spending.

However, experts took aim at the bank's reasons for the mass lay-offs.

The job losses may be an ANZ risk-management exercise, Swinburne University law and corporate governance expert Helen Bird said.

"Now it's not clear they're doing that, but it a

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