ANZ to cut hundreds of jobs

Australia & New Zealand Banking Group Ltd. is set to cut hundreds of jobs according to  the Finance Sector Union.

It will is the latest large bank to seek to reduce costs at its Australian operations.

"ANZ said that due to the difficult environment, particularly relating to funding costs and revenue generation, they'll need to go through an aggressive cost-reduction process," said Leon Carter, national secretary of the union, which represents finance-industry employees in Australia.

He added that while the bank suggested there was no firm number, it made clear at a briefing that a significant number of jobs would disappear.