By Scott Murdoch SYDNEY (Reuters) -ANZ Group Chief Executive Nuno Matos has ordered a strategic review to help boost the bank's financial performance, productivity and bring down costs, according to a
ANZ CEO Initiates Strategic Review to Enhance Bank Performance
By Scott Murdoch
SYDNEY (Reuters) -ANZ Group Chief Executive Nuno Matos has ordered a strategic review to help boost the bank's financial performance, productivity and bring down costs, according to a note sent to staff on Friday.
ANZ, Australia's fourth-largest bank by market value, has seen its performance questioned by investors and analysts amid intense competition for residential home loans.
It has also suffered reputational harm since a 2023 bond trading scandal that involved its markets and trading business and exposed misconduct and flaws in its corporate culture. Australia's banking regulator last year ordered ANZ to hold an extra A$250 million ($160 million) in capital, citing concerns about its risk culture.
"For a long time, some parts of our business have not been meeting their potential, particularly in terms of customer and shareholder outcomes and non-financial risk," Matos wrote in the note, which was seen by Reuters.
"We need to be sharper and leaner, and reduce inefficiencies. The productivity levels and the cost to run our business need to be brought in line with industry standards and shareholders' expectations," it said.
The note was sent to staff by Matos to mark his first 100 days as CEO after he replaced long-time boss Shayne Elliott in May.
Matos also said the review would examine progress in integrating Suncorp Bank into its operations. ANZ paid A$4.9 billion for the regional lender in a deal that was approved by the government in June last year.
Australia's Big Four banks are having to contend with fierce competition in residential mortgages from Macquarie Group, a relative newcomer to the segment.
A number of executive changes have taken place since Matos took over. Retail banking boss Maile Carnegie announced in June that she would retire from the bank. The executive charged with leading ANZ's risk culture overhaul, Mark Evans, has also retired.
($1 = 1.5347 Australian dollars)
(Reporting by Scott Murdoch; Editing by Edwina Gibbs)
