More bank jobs facing axe

Around 200 more New Zealand workers are poised to lose their jobs as the effects of the international economic crisis kick in.

ANZ National Bank told the Sunday Star-Times it would cut 200 management jobs, following already-announced cuts of 200 front-line positions and 500 back-office jobs, which were to be outsourced to India by the end of next year.

ANZ National said the redundancies were partly a response to the softening economic conditions.

In Sydney on Friday ANZ Bank said it would cut up to 800 jobs before the end of the year.

Banking union Finsec has called ANZ National's latest move "disgraceful".

Union campaigns director Andrew Campbell told the newspaper the job losses were a significant chunk of the Australian-owned bank's 10,000 New Zealand employees.

Bank spokeswoman Virginia Stracey-Clitherow said the latest job cuts would affect fewer than 200 people and are part of a new global business model announced by ANZ National.

The worsening global economy is expected to result in further job losses across a range of sectors in New Zealand.

The unemployment rate was predicted to climb from 4.2 per cent to six per cent by the end of 2009.

- NZPA