Australia and New Zealand Bank (ANZ, known as Aussie Bank in Taiwan), one of the four largest banks in Australia, will lay off about 50% of its staff (about 850 people) in China and transfer some positions to India, the Philippines and other places, which means the size of the bank’s employees in China will be reduced by half. Australian foreign ministry officials said that Australian companies have realized the risks of doing business in China after the deterioration of Sino-Australian relations.
According to the Sydney Morning Herald, ANZ said in an email sent to employees on March 10 that the bank will lay off 850 employees in China over the next 18 months, mainly in technical positions and back office operations.
The email said, “Over the next few months, we will begin to gradually transfer the work currently handled by our Chengdu team to Bangalore, India, Manila, Philippines or Melbourne, Australia.”
While ANZ insists that it will not withdraw from “this important market” in China and that the layoffs have nothing to do with tense trade relations between China and Australia, banking insiders told the Sydney Morning Herald that the bank has been “very nervous” about retaining a presence in China following the deterioration of trade relations between the two countries “Steve Harris, regional manager of ANZ, said the decision to fire Chinese staff had nothing to do with the recent bad blood between China and Australia, stressing that it was a clear business decision.
Over the past year, the Chinese Communist Party has continued to impose economic retaliation on Australia, with a range of Australian exports to China being subjected to various difficulties, including wine. First, high tariffs of more than 200 percent were imposed on Australian wine last year, and last month the Communist Party has banned all Australian wine from entering customs.
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