ANZ nearly halves economics, markets research team

Wednesday, 20 Apr 2016 07:08:33 | Elysse Morgan

ANZ bank logos are displayed on signs outside a bank branch in Sydney in April 2011. (AAP: Sergio Dionisio, file photo)

ANZ is cutting back its research roles in an effort to best align itself with "market conditions as well as the need of its customers."

However, those inside the bank the ABC has spoken to are concerned that the quantity and quality of research will have to be cut back significantly, leaving customers worse off.

The bank informed the already depleted team yesterday that 28 jobs will go from within the economics, strategy and publications units, with nine from Sydney and Melbourne and the rest from Singapore, Hong Kong and London.

Eleven of those roles are already vacant, two of which were occupied by former chief economist Warren Hogan who resigned last month after 11 years at the bank and Mark Pervan who was the global head of commodity research for almost nine years.

During his tenure Mr Pervan said ANZ's research "differentiates itself from the competition by giving very strong on-the-ground industry insights of ANZ's core strength in the Australia and China."

The cuts represent a 40 per cent reduction in research staff.

A spokesman for the bank says research will continue to meet customers' needs.

"We will be maintaining a sizable and experienced research team, comprising of more than 45 analysts and support staff, who will work with our businesses across the region."

The team will be busy after commentary was boosted under Mr Hogan's reign, including the launch of the weekly ANZ-Roy Morgan consumer confidence index, as well as a comparison monitor of the economic output of Australia's state's and territories and a GDP forecasting tool for major global economies.

AustraliaPlus

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ANZ nearly halves economics, markets research team

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