Strategic HR
ANZ begins job cuts in institutional banking division as overhaul gathers pace
The restructuring, which focuses on back-office roles, marks the first significant move by new CEO Nuno Matos to streamline operations and simplify processes.
ANZ Group Holdings has started reducing roles in its institutional banking division as part of a broader shake-up under new chief executive Nuno Matos.
According to people familiar with the matter, the cuts, which began on Tuesday (September 2), are focused on middle and back-office positions within the division. While the exact number of roles affected has not been disclosed, the bank has indicated that it will provide more details at its strategy day in October.
Nuno Matos, who took charge earlier this year, has outlined plans to streamline operations by cutting duplication of roles while placing a stronger emphasis on culture and risk management. In a note to ANZ’s 42,000 staff last month, he flagged the need to simplify processes and rebuild confidence in how the bank operates.
The institutional business, led by Mark Whelan, has been under scrutiny from regulators. The Australian Securities and Investments Commission is investigating ANZ’s role in government bond trading, while global consultancy McKinsey is conducting a firm-wide review. Earlier this year, the banking regulator imposed additional capital requirements on the lender, adding pressure to its leadership team.
The latest round of cuts comes after a rocky period for Matos, who last week apologised for mishandled communication over job reductions in the retail division. An internal error saw automated e-mails about departures sent to employees before they had been officially informed, prompting frustration among staff and forcing the bank to speed up parts of the restructure.
The strategy day in October is expected to provide greater clarity on the scale of restructuring across the group, as Matos seeks to position ANZ for long-term stability and stronger performance.
According to people familiar with the matter, the cuts, which began on Tuesday (September 2), are focused on middle and back-office positions within the division. While the exact number of roles affected has not been disclosed, the bank has indicated that it will provide more details at its strategy day in October.
Nuno Matos, who took charge earlier this year, has outlined plans to streamline operations by cutting duplication of roles while placing a stronger emphasis on culture and risk management. In a note to ANZ’s 42,000 staff last month, he flagged the need to simplify processes and rebuild confidence in how the bank operates.
The institutional business, led by Mark Whelan, has been under scrutiny from regulators. The Australian Securities and Investments Commission is investigating ANZ’s role in government bond trading, while global consultancy McKinsey is conducting a firm-wide review. Earlier this year, the banking regulator imposed additional capital requirements on the lender, adding pressure to its leadership team.
The latest round of cuts comes after a rocky period for Matos, who last week apologised for mishandled communication over job reductions in the retail division. An internal error saw automated e-mails about departures sent to employees before they had been officially informed, prompting frustration among staff and forcing the bank to speed up parts of the restructure.
The strategy day in October is expected to provide greater clarity on the scale of restructuring across the group, as Matos seeks to position ANZ for long-term stability and stronger performance.
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