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Union warns of layoffs at Bank of New Zealand

New Zealand-based FIRST Union warned that Bank of New Zealand may lay off more than 100 employees in a restructure of its branch network, Scoop Media reported Oct. 17.

The bank is reviewing staffing levels at its branches and is in talks with some workers as it looks to adopt new digital technology. The "massive" restructure of the bank's network may lead to layoffs as well as reduced hours and positions in more than 30 branches, the trade union said.

Bank of New Zealand has heavily invested in software development as it boosted its online channels, which a spokeswoman said drove the lender to assess the makeup of its staff. The bank is discussing the proposed changes with its staff, the spokeswoman said.