ANZ Bank is set to axe 400 middle management jobs - including technology positions - before Christmas, according to local press reports.
The bank's chief executive, Mike Smith, broke the news to staff at its headquarters in Melbourne on Friday. The cuts come on top of 400 recent losses.
Most cuts are expected to come in Australia and New Zealand, with middle management positions in all departments - including IT - in the firing line. Branch and call centre staff are reported to be safe.
In October ANZ warned about management job cuts - although it predicted just 500 would go - and an expansion of its offshoring programme after reporting its first annual profit fall in 10 years.
The bank is chasing savings of $200 million a year from a corporate restructuring programme and has set aside an additional $100 million for 2009 as it moves to shed middle management layers and shift more jobs to its offshore centre in Bangalore.
Financial crisis costs 400 more ANZ jobs - The Sydney Morning Herald