ANZ Group Holdings (ASX:ANZ, NZE:ANZ) is overhauling its technology teams in a cost-cutting initiative that will impact more than 400 positions, with over 100 employees expected to lose their jobs, the Australian Financial Review reported Friday, citing an anonymous source and a bank spokeswoman.

The company is cutting some of the 1,500 permanent information technology roles it has in New Zealand under a plan to offshore software testing operations. It has been in negotiations with Indian firms Infosys and HCLTech, according to the report.

ANZ Group did not immediately respond to a request for comment from MT Newswires.

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