ANZ to reorganise as 150 start-ups; layoffs expected
ANZ is currently in the midst of a restructure that will see the Australian bank reorganise its traditional departments to resemble 150 individual start-ups.
This is according to Christian Venter, the general manager of its technology and digital banking division, who is an integral part of the ongoing transformation.
Venter also told Melbourne newspaper The Age that headcount reduction was expected as part of the process.
These latest revelations follow ANZ’s announcement in May that it would reform its Australian offices’ existing management structure. Instead, CEO Shayne Elliott said the organisation will adopt smaller, more “agile” multi-disciplinary teams, similar to those employed at technology disruptors like Spotify and Netflix.
Each of these cross-function teams, or “tribes”, will be made up of around 10 individuals representing a wide range of traditional functions, from sales and marketing, to legal and technology.
“We're moving the whole organisation to roughly 18 tribes, with 150 squads, and I'd like to think of that as we've got 150 start-ups running," said Venter.
The changes have begun to be rolled out in the non-frontline parts of the Australian business, and it is believed that middle management roles will be most affected.