ANZ Banking Group has cut 230 jobs from its underperforming wealth management division as part of its ongoing focus on cutting costs.
An ANZ spokesman said staff in its Australian wealth business were told on Wednesday that 230 positions would be made redundant.
The axed positions are part of the 1,000 job cuts the bank announced in February.
The spokesman said the wealth management division job cuts were the result of changed customer preferences for wealth products following the global financial crisis.
He also said increasing competition in the wealth management sector had placed pressure on margins and costs.
CLSA analyst Brian Johnson said ANZ would have cut positions from its wealth management division because the business had underperformed compared to those operated by its rivals, the Commonwealth Bank, National Australia Bank and Westpac.
It also fitted with ANZ's strategy of cutting costs.
"ANZ in particular, now that they've got full control of the wealth management business, is focusing on deriving improved operating costs efficiencies over their business and ANZ's wealth management business has underperformed their peers."
ANZ bought the remaining 51 per cent of the shares it did not already own in its ING Australian wealth management unit in 2009.
Another analyst, who did not wish to be named, said the wealth management job cuts were more likely to be due to changed customer preferences.
"I think it's probably just views around changing customer preferences for investment products and the fact that there's probably a lot more people moving towards index products and more interest rate products that are potentially not so labour intensive," he said.
Mr Johnson said while he believes the remainder of ANZ's planned 1,000 job cuts would be across the board, many would be management or processing roles.
"I think it will be very hard for banks to close down branch networks because they already did that in the early 1990s but what it means is everything else in up for grabs," he said.
"What we're going to see is superfluous layers of a management taken out and where they can they'll take out people from processing functions and they will try and offshore them."
The ANZ spokesman said the bank would try to find other roles at the company for as many of the employees whose jobs were to be axed as possible.