While ANZ did not provide details of exactly where in the bank these cuts will come from, they are likely to focus on its Australian workforce of more than 21,000, and its Melbourne headquarters is likely to be hit hardest.
Matos on Tuesday acknowledged that sackings of this magnitude are always “very tough” but he did not shy away from his position that ANZ needs to change.
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He stressed that he’d be halting projects that did not match the bank’s priorities – without specifying which projects – while also talking up the need to move quickly. Speaking at The Australian Financial Review’s Asia Summit, he said ANZ needed a culture that was more focused on performance, which meant one that was “more decisive”.
“I believe that in today’s world, all industries, all businesses, they have to be good at one thing at least: pace. You need to, we need to, embrace the speed at which society is evolving,” he said.
“And it’s uncontrollable. It’s happening. We can’t avoid it. We can decide to be part of it or pay the consequences, right?”
While Matos said the changes were not about profits, the market is viewing his plan in financial terms because ANZ has been a relative laggard. It is the smallest of the big four by market capitalisation, though it has more staff than its rivals National Australia Bank and Westpac. Its shares have underperformed the other three banks in the past 12 months.
Putting a number to the jobs headed out the door at ANZ is one thing but it is still unclear exactly what the Matos period of change will entail for ANZ.
Nuno Matos has overseen a cultural overhaul at the bank that has included a restructure of its retail division.Credit: Arsineh Houspian
The one thing Matos has made clear since his first day in the job is a keen focus on improving ANZ Plus, its digital banking platform. There is a review under way into the platform, and some analysts have wondered if Matos would be interested in curbing investment into the ambitious digital project.
More details of Matos’ plan to overhaul ANZ and lift its performance against rivals will be revealed when he appears before investors for a strategy day next month.
But having finally given everyone a glimpse of what ANZ’s future is going to look like, expect plenty of noise from the sidelines until Matos takes the stage again.
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