Australia's leading bank ANZ is set to cut 70 jobs from its Australian operations and replace the staff with employees from India as a cost-cutting measure, says a media report. "These changes reflect the need to simplify our business given the more subdued economic environment and to ensure our customers are supported with specialist back-office capabilities," an ANZ spokesman was quoted as saying by the report in a local daily 'The Age’.

The report further states that the bank has informed its staff that cuts will be made in its wealth division, and will affect back-office positions in Sydney. This comes in the wake of ANZ last year announcing cuts of about 1,000 jobs in back-office and middle management roles in response to weaker economic conditions.

Source: The Economic Times