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ANZ Axed 2016 Staff Share Bonus
ANZ has scrapped its usual A$1,000 share bonus for staff this year amid cost cutting drive. The bonus cost the bank A$17.3 million in the most recent financial year.
Higher funding costs, narrow margins and rising bad debt charges are taking a hit on ANZ’s profit, with the bank reporting its lowest full year earnings since 2011.
News Source: Bloomberg
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About ANZ
The Australia and New Zealand Banking Group Limited (ASX:ANZ) first opened as the Bank of Australasia in Sydney in 1835 and in Melbourne from 1838. Its history involves many different bank prior to the merger of the Bank of Australia with the Union Bank of Australia Limited on 1 October 1951. Today, it provides a range of banking and financial products and services to over 9 million customers in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe, and America.
- Origin : Melbourne, Australia
- Assets : $ 889.90 billion
- Revenue : $ 36.98 billion
- Employees : 50,152
Official Website: www.anz.com
News & Media: Press Release
Updated on 8th August 2016
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