Australia and New Zealand Banking Group (ANZ) has laid off up to 50 staff in various departments, per reports sources have shared with TODAY, stating the terminations were made in February this year and were part of the bank's efforts to cut costs.

"According to a source who was retrenched a few weeks ago, the dozens of employees affected were from the wealth management, business banking and marketing departments in the Singapore unit," TODAY stated.

"The source was from the retail banking segment and had been with the bank for a couple of years. Not given an explanation when given the slip, the source is now looking for a new job."

TODAY's report also interviewed other sources from the bank, who said that had, in fact, been given a briefing by the management with regards to the issue.

“There have been cuts across the board,” said a relationship manager with the bank who did not wish to be named.

“The briefing was on the merging of the private side of the bank with the entire bank and this might lead to the redundancies. The briefing was to inform us and keep us in the loop because since a few weeks ago, rumours were all over the place that our jobs were on the line. Right now it looks like business is as usual."

“Cutting costs is common in an economic downturn,” he added.

ALSO READ: Bank of East Asia announces 180 layoffs in Hong Kong

Commenting on the issue, an ANZ spokesperson told Human Resources that the bank remains committed to the Singapore market which is a key business hub in Asia.

"Like our industry peers, we continually review our business to ensure our products and services align with the needs of our customers, and allocate resources to reflect the opportunities and market environment.”

In line of slow-growth economies, a number of organisations across Asia and globally have recently announced job cuts.

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