ANZ will axe 230 roles from its wealth management division as part of the 100 job cuts it announced earlier in 2012.
An ANZ spokesman said staff in its Australian wealth business were told on Wednesday that 230 positions would be made redundant.
The axed positions are part of the 1,000 job cuts the bank announced in February.
The spokesman said the wealth management division job cuts were the result of changed customer preferences for wealth products following the global financial crisis.
He also said increasing competition in the wealth management sector had placed pressure on margins and costs.
CLSA analyst Brian Johnson said ANZ would have cut positions from its wealth management division because the business had underperformed compared to those operated by its rivals, the Commonwealth Bank, National Australia Bank and Westpac…
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Read More @ Sky News: ANZ cuts 230 wealth management jobs.
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