ANZ scraps $1,000 staff share bonus

China Daily (USA) - - BUSINESS -

Aus­tralia & NewZealand Bank­ing Group Ltd has axed its tra­di­tional A$1,000 ($746) share bonus for staff this year, cit­ing the need to cut ex­penses. In an in­tranet post man­age­ment told em­ploy­ees that 2016 had been a chal­leng­ing year and that in an “en­vi­ron­ment of lower growth and lower re­turns, ANZ needs to re­duce costs.” The bonus cost the bank A$17.3 mil­lion in its most re­cent fi­nan­cial year, ac­cord­ing to cal­cu­la­tions based on de­tails in ANZ’s an­nual re­port.

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