ANZ move threatens jobs

Photo / Dean Purcell

ANZ Bank will not rule out staff losses as a result of a decision to bring together its wealth management businesses into one arm.

The country's largest banking group yesterday said its fund management business OnePath (previously called ING New Zealand), life insurance, private banking, Wealth Direct and ANZ and National bank investment and insurance specialists would come together as ANZ Wealth.

The business is to be headed up by John Body, the present managing director of private banking and wealth, while ING chief executive Helen Troup will leave the business.

A spokeswoman for the company could not rule out any redundancies or staff changes.

"As with any new structure, there is likely to be some change. However, looking after the interests of our customers, staff and our independent advisory network remain our key priorities." She said it was too soon to comment on any numbers.

ANZ New Zealand chief executive David Hisco said the change was a natural next step for the group. "The new wealth business will help deliver complete investment and insurance solutions for our customers in New Zealand."