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Australia’s ANZ Bank announced early Tuesday that 3,500 jobs would be made redundant over the next 12 months. In addition, 1,000 contractors will also be impacted as the leading bank aims to let go of their services. The Wall Street Journal reported that the CEO of ANZ, Nuno Matos, sent an email circular to staff at 3 AM with the headline “focusing on our priorities,” and dived into letting staff go. The email to staff reads that the bank plans to save $369 million in the restructuring plan. ANZ Bank has a workforce of 42,000, and 8% of its staff will be affected in the restructuring plan. “Our ambition is to put our house in order,” said Nuno Matos, at a conference in Sydney on Tuesday morning. “Today we are impacting 3,500 of our employees and their families,” he said. “I hate to do this, but it is for the future of the company.” Also Read: Robinhood Joining S&P 500, HOOD Stock Surges 15% The job cuts reverse the hiring spree that took place from 2020, after t...

The Internal Revenue Service (IRS) will reportedly begin thousands of layoffs of probationary employees as soon as next week. Amid President Donald Trump’s efforts to downsize the federal workforce, the IRS will significantly cut its numbers. The Office of Personnel Management, the federal government’s human resources department, ordered agencies across the government this week to terminate probationary employees, who are relatively new to their positions, sources told the New York Times Friday. An exact number of employees that will be cut remains unknown, but the NYT expects thousands to be affected. The move is a dramatic one as tax season nationwide kicks off soon. Hundreds of millions of tax returns and filings may see delays in processing if the layoffs go into effect. However, US Treasury Secretary Scott Bessent told reporters last week that these effects may not take effect until after the Spring, avoiding a tax season disaster. “So I don’t imagine anything’s going to go on at ...