The Australia and New Zealand (ANZ) Banking Group has said that it is planning to cut additional 50 jobs in its institutional and international banking operations as it tried to reduce cost.

The ANZ said in a statement on Thursday that most of the job cuts would be at the lender's offices in Sydney and Melbourne. A company official said that the job cut is mainly due to slower economic growth in institutional banking that affected the bank's earnings.

Company spokesman Paul Edwards said, "The changes reflect the need to adapt to the changed conditions for Institutional Banking globally. These include slower economic growth impacting margins and the need to focus on greater capital efficiency."

The bank had cut 70 staff at its wealth management operations in February and had outsourced the roles to one of ANZ's offices in Bangalore in India. The bank had said that the move is aimed at simplification of its business and a response to a slowdown in the economic environment.

The total number of the bank's full-time staff members in Australia fell by 2,699 in the 12 months to September 30, 2012.