Australia and New Zealand Banking Group chairman Charles Goode
yesterday backed investment in information technology as a weapon in
the bank's arsenal as it battles the global financial crisis.
But the spectre of job cuts continues to hang over ANZ's IT workforce.
In an address to shareholders at ANZ's annual general meeting
yesterday, Mr Goode said that the company's board was prepared to
spend on information technology as it worked to protect its business
from the credit crunch and pursued its Asian expansion.
He did not detail specific plans. However, the organisation is
investing in a new core banking platform for its Asian operations in a
project that will help it formulate plans for the eventual replacement
of its Australian transactional systems.
News of ANZ's willingness to invest in IT despite the slowing economy
will be welcome in the Australian computer and communications sector,
which considers the financial services industry one of its most
valuable markets.
The comment also comes a day after Westpac Banking Corp confirmed it
would spend at least $338 million integrating its computer platforms
with those of St George Bank over the next two years.
But ANZ's IT priorities will come at a cost to local staff: The bank
has previously said it plans to shift much of its technology workload
offshore.
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