Latest news with #ANZGroupHoldingsLtd
Mint
3 days ago
- Business
- Mint
ANZ CEO Matos Says Bank Needs to Be Leaner, More Productive
(Bloomberg) -- ANZ Group Holdings Ltd. Chief Executive Officer Nuno Matos told staff to be more productive and halt work that doesn't support priorities, as he pledged to unveil details of a strategy to turn around the Australian bank in coming months. '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.' More stories like this are available on
Mint
4 days ago
- Business
- Mint
ANZ Executive Retires Months After Tasked to Revamp Bank Culture
(Bloomberg) -- ANZ Group Holdings Ltd. senior executive Mark Evans has retired from banking, several months after taking on the task to improve the firm's culture and risk management shortcomings. Evans, who was appointed in April to a new role as head of its non-financial risk program delivery reporting directly to the Chief Executive Officer, has left ANZ after 16 years, a spokesperson for the Melbourne-based lender said in response to queries from Bloomberg. ANZ is in the process of recruiting for the role, and Louise Higgins will be the acting head in the interim, according to the spokesperson. The departure comes as McKinsey & Co. conducts a wide-ranging review after ANZ was slapped with an additional A$250 million ($163 million) capital requirement by the banking regulator in April. An earlier examination by consultant Oliver Wyman and the Australian Prudential Regulation Authority's long-standing concerns led ANZ to appoint a number of executives to boost its risk culture. 'Improving the bank's non-financial risk management practices is a key priority for ANZ,' the spokesperson said. Evans, a former ANZ chief compliance officer, recently relocated to Sydney from Singapore. He spent three years there as the city-state's country head as well as head of Southeast Asia, India and Middle East. New CEO Nuno Matos has said risk management is among his top priorities. His predecessor Shayne Elliott was plagued over the last two years by scandals, including an ongoing investigation by the securities regulator into the firm's role in government bond sales. Since Matos started his job in May, there have been a flurry of management changes. Recent key departures include Maile Carnegie, the bank's Australian retail head, who retired on July 1, and technology chief Gerard Florian, who retired this week. More stories like this are available on
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Business Standard
19-05-2025
- Business
- Business Standard
Home prices in China fall at a faster pace during tariff war with US
China's home prices fell at a faster pace in April, signalling the property market slump remains a headache for policymakers as they fend off a tariff war with the US. New-home prices in 70 cities, excluding state-subsidised housing, dropped 0.12 per cent from March, when they declined 0.08 per cent, National Bureau of Statistics figures showed Monday. Values of used homes slid 0.41 per cent, compared with a 0.23 per cent drop a month earlier. The trade war risks worsening the housing slump that has dragged on economic growth and has only recently been showing signs of abating. While the US and China made a truce on tariffs last week, trade ructions may add to woes for workers in the export-driven economy, curtailing housing demand. 'The elephant in the room is China's property market,' ANZ Group Holdings Ltd. economists led by Raymond Yeung wrote in a recent note. 'The tariff shock is caused by the unpredictability rather than the tariff itself.' From a year earlier, declines in values eased. New-home prices fell 4.55 per cent, less than March's 4.99 per cent drop, the statistics bureau said. Existing-home prices slid 6.76 per cent, compared with a 7.25 per cent decrease a month earlier. Chinese leaders signalled last month that they will take a patient approach in defending growth despite the deepening trade war with the US, pledging to 'fully prepare' emergency plans to ward against increasing external shocks. Authorities reiterated their commitment to existing programmes to aid the property sector, such as renovating urban villages and run-down homes while streamlining policies for local governments to buy unsold homes. Top officials have signalled that a recovery in the property sector will help to shield the country from the US tariff hikes. China has been shifting to pro-consumption policies, including an effort to boost household income, provide more consumption subsidies and strengthen the social safety net. 'We believe the government has become more determined to reboot the property sector,' said Edward Chan, credit analyst at S&P Global Ratings. 'This will be key to supporting consumer confidence, which Beijing has identified as its economic priority.'
Bloomberg
26-03-2025
- Business
- Bloomberg
ANZ Bank Plans to Release Consultant's Report on Staff Culture
ANZ Group Holdings Ltd. plans to release a long-awaited independent review of the bank's markets unit following missteps by some traders. Consultancy Oliver Wyman has delivered its findings to the Melbourne-based bank's board, a spokesperson for the lender said on Thursday. The findings of the review are being discussed with the regulator, the Australian Prudential Regulation Authority.
Bloomberg
28-01-2025
- Business
- Bloomberg
A Trio of ANZ Credit Traders Depart to Join Standard Chartered
Some senior ANZ Group Holdings Ltd. credit traders are departing the Australian lender to move to Standard Chartered Plc., according to people familiar with the matter. Ming Wo, Duncan Robinson and Adam Hall, all based in Singapore, have left, the people said, declining to be identified discussing confidential information.
