ANZ CEO Matos Says Bank Needs to Be Leaner, More Productive
'We need to be sharper and leaner, and reduce inefficiencies,' Matos wrote in the memo to employees, marking 100 days since he took the helm. 'The productivity levels and the cost to run our business need to be brought in line with industry standards and shareholders' expectations.'
That includes 'already stopping work that doesn't support our priorities while also reducing duplication and complexity,' said Matos, a former executive at HSBC Holdings Plc.
Matos, who took over from Shayne Elliott atop the Melbourne-based lender in May, has said he is prioritizing a 'high performance, winning culture' as well as seeking improvements in the firm's risk management.
A spokesperson for ANZ confirmed the contents of the memo.
During his first few months, Matos said he's met with hundreds of customers and key stakeholders including regulators, shareholders, analysts, industry groups and politicians.
'It has become clear that in order to meet our priorities, there are things that need to change,' he said.
Elliott was plagued by public scrutiny during his final year as CEO, including an investigation by the Australian securities regulator that remains ongoing into the firm's role in government bond sales. Since Matos arrived, a slew of senior executives have exited the firm, including Maile Carnegie, Gerard Florian and Mark Evans.
Matos said the company is conducting a strategic review that includes how ANZ continues to integrate Suncorp Bank and how it grows its ANZ Plus retail platform. He said he'd share more on his strategy in coming months at a firm-wide town hall meeting.
'I acknowledge it is a difficult time for some of our teams,' he wrote. 'I want to reassure you that we are committed to working through any changes as quickly as possible, and with care.'
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