ANZ Banking Group (ASX:ANZ) has reportedly cut 230 jobs from its wealth management business, after flagging in February it would cut 1000 jobs by the end of the year.
According to The Australian Financial Review 230 employees in Sydney, Melbourne and Adelaide were briefed on Wednesday.
An ANZ spokesperson has told the paper most of the planned job cuts have now occurred.
The spokesperson said the latest cuts to the wealth management business were made because of changed customer preferences for wealth products and increasing competition, placing pressure on margins and costs.
ANZ posted an annual net profit of $5.4 billion in the 2011 financial year.
