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ANZ has reported a surprising quarterly profit, just days after implementing a $10 charge for employees attending a sausage sizzle designed to welcome them back to the office.
The bank highlighted that its profits increased significantly due to a reduction in operating costs following the layoff of 3,500 employees, approximately 10 percent of their workforce. However, the threat of job cuts still looms for around 1,200 more positions.
The announcement of ANZ’s profits coincided with reports of a “welcome back to the office” event, where staff had to pay $10 to partake in a sausage sizzle.
According to a flyer shared on the Instagram account @theaussiecorporate, the $10 fee included a sausage with bread, onion, and condiments, alongside a soft drink and a soft-serve ice cream.
A flyer posted to Instagram account @theaussiecorporate noted that employees would be given one sausage in bread with onion and condiments, one soft drink and one soft-serve ice cream for the fee.
It is not clear which ANZ office the sausage sizzle was held at.
Nine.com.au has contacted ANZ for comment.
Chief executive Nuno Matos said the bank’s quarterly results showed “early progress” in its five-year strategy.
“Our productivity program aimed at removing duplication and simplifying the bank is well underway, delivering a significant reduction in expenses while growing revenue,” Matos said.
“There was an improvement across our key financial metrics, including the return on tangible equity which rose to 11.7 per cent and cost to income ratio to below 50 per cent.”
Overall revenue increased by one per cent, while operating expenses fell by the same compared to the first quarter of 2025.
This marks the first time ANZ has reported on its quarterly results, having only posted half-yearly results in the past.
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