ANZ Group Holdings is considering cutting up to 5,000 jobs as part of a restructuring plan led by CEO Nuno Matos. The cuts may affect 2,000 roles in retail and 3,000 in other divisions. The final number of job losses is pending confirmation, with no official comment from the bank so far.

Matos faced criticism for automated notifications about job cuts sent to employees before personal communication. He aims to enhance the bank’s corporate culture and risk management. ANZ has engaged McKinsey & Co. for a review due to increased capital requirements. The Finance Sector Union has expressed concerns about the restructuring pace.

ANZ employs around 42,000 individuals, with approximately 10,800 in the retail division. The bank extended its contract with Knosys for the KnowledgeIQ (KIQ) enterprise solution for over $1.9m while negotiating a new three-year agreement. The new deal is expected to include a transition to Knosys’ cloud-based KIQ service.

Read more at Yahoo Finance: ANZ Group reportedly plans potential reduction of 5,000 jobs