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ANZ to slash workforce

ANZ will to cut about 1000 jobs as the bank shrinks its Australian workforce to adjust to weak demand for financial services.

ANZ today said it would cut 1000 permanent jobs in Australia during the 2012 financial year. Most of the cuts would be among middle management, back office and support staff, it said.

The Finance Sector Union denounced the move, saying there was no justification for such reductions at a time of record profits for the bank.

"With a combined profit of more than $24 billion, if anyone can afford to invest in Australian finance jobs it is our four big banks," FSU national secretary Leon Carter said.

ANZ said the cuts were in response to the changing environment for banks worldwide.

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