ANZ rejigs mortgage business, 248 roles affected
ANZ is restructuring its mortgage business, with 248 roles to be affected as its state-based mortgage fulfilment centres are consolidated.
With offices in Brisbane, Sydney, Adelaide, Perth and Hobart closing, much of its mortgage processing will be outsourced to an Australian-based "mortgage processing specialist", a "custody specialist", and elsewhere internally. ANZ said “a small number of administrative functions will also be undertaken at ANZ’s wholly-owned technology and operations centre in Bangalore”.
The decision comes after a two-year review of ANZ’s mortgage processing, much of which has been impacted by changes in technology.
Of the 45 staff affected in Melbourne, none are expected to lose their jobs as they will be taking on “comparable roles” being consolidated to Melbourne.
ANZ has also approximately created an additional 35 positions for mortgage risk assessors, a number it anticipates will eventually increase by 15.
ANZ said staff affected by the changes will be able to apply for other ANZ roles or may be in a position to take on jobs at the mortgage processing specialist or the custody specialist.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.