Australian bank ANZ said its asset management joint venture with Netherlands-based financial group ING would not end as a result of the creation of a new wealth management arm, according to InvestorDaily.

The division was as yet unnamed and ANZ could not say when it would be established. The announcement came after ANZ revealed a restructure aimed at reducing workplace bureaucracy and complexity. The focus is on simplifying middle management without impacting staff who serve customers in branches or call centres, an ANZ spokesperson told the publication.

"We expect that as a result of a restructure that there will be some roles that are no longer needed,” he said. The spokesperson did not say how many people would lose their jobs, but said ANZ was looking at reducing the layers of management to seven from 12.

It is unknown if those managers would be given redeployment opportunities, the spokesperson said. As part of the restructure, ANZ's existing wealth management business, including its joint venture with ING and private banking division, will be part of the lender's Australian division.