ANZ Group CEO Nuno Matos told a parliamentary hearing that the unchecked adoption of artificial intelligence could trigger a global jobs crisis, with the risk of job cuts reaching up to 50%. Matos said only global regulation can prevent a wider social problem, as banks and other sectors adopt AI to cut costs and reshape their workforces.
Australia’s banks have already made job cuts alongside AI adoption, with critics accusing them of replacing staff with technology. Outside banking, Canva and Microsoft have also announced major staff reductions as they shift towards AI-driven operations. Matos urged workers to develop AI skills to reduce their risk of redundancy and described ANZ’s internal efforts to upskill staff.
Matos also warned that AI could be used to attack banks, calling for strict controls and saying ANZ is building its own control platform. He said AI is being used to prevent fraud and identify cyber weaknesses, but stressed that no bank should implement AI without adequate safeguards.
The call for global rules comes as regulators and executives weigh how to balance innovation, risk and workforce stability. The next steps may include new regulatory proposals or industry standards for AI governance.
