ANZ

Financial Context

Illustrative wage differential: if the 13,740+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$1.2B/yr (~18% of reported net profit). This is an estimate based on industry averages, not company-specific data.

Would this company be profitable without offshoring?

Financial data: FY2024. Estimate uses avg AU cost of $110,000+/yr (salary only, excluding super, office, recruitment) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.

In Plain English

• In 2024, ANZ was reported to have 13,740+ offshore contractors and staff.
• This represents ~35.2% when compared to its current workforce of 39,000 (illustrative comparison only — not directly reported by the company).
• 🇮🇳 4,800+ staff reported in India in IT, Back Office, Customer Support.
• Known outsourcing partners include Accenture, Infosys, Tata Consultancy Services, Deloitte, PwC, EY, KPMG, DXC Technology, IBM, McKinsey, Genpact.
• 3,500 Australian jobs have been cut, with all occurring during periods of offshore expansion.

Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.

The Story

• 2012-2015ANZ shifted approximately 1,500 IT positions and 2,000 operations roles from Melbourne to India. [Wikipedia]
• June 2023ANZ CEO Shayne Elliott in India: 'This is not a sweatshop. These are smart, educated people — data scientists and engineers — and our ability to have 8,000 of them, that is what the benefit is: you get scale.' ANZ is the largest Australian company operating in India. 8,000 staff in two Bangalore buildings processing mortgages, credit assessments, and developing apps. [Australian Financial Review]
• November 2023ANZ cut 60 roles with 30 sent to India, on the eve of a multibillion-dollar profit announcement. FSU national secretary Julia Angrisano: 'Profiteering and offshoring of jobs to India is an atrocious way to treat hardworking and skilled staff.' [Australian Financial Review]
• October 2024ANZ had 13,740 staff outside Australia and New Zealand versus 19,340 onshore — 41.5% of the workforce is offshore. Australian FTE staff decreased by 250+ in the year, while 800 were hired in 'rest of world.' [Australian Financial Review]
• November 2025ANZ announced approximately 3,500 redundancies. CEO Nuno Matos said the bank was making "difficult but necessary changes". [Unfair Dismissals Australia]
• 2025ANZ outsources contact centre operations in the Philippines alongside its India-based back office and IT functions. [Matchboard]
• 2025ANZ's Group Capability Centre in Bengaluru and Manila represents approximately 20% of the bank's entire workforce (~7,800 of 39,000 employees). The GCC has supported ANZ's core operations and technology since 1989 — over 35 years of offshoring. [ANZ Careers]

All facts sourced from public reporting. No editorial commentary. Click source links to verify.