Latest news with #ex-HSBC
Business Recorder
5 days ago
- Business
- Business Recorder
Julius Baer to make further cost cuts of $159 million by 2028
ZURICH: Julius Baer will implement more cost-saving measures amounting to 130 million Swiss francs ($159.02 million) by 2028, the Swiss private bank said on Tuesday, as CEO Stefan Bollinger seeks to turn the page on past setbacks and restore confidence. The wealth manager announced a writedown of 130 million Swiss francs last month, which followed losses of 586 million Swiss francs made public early last year, leading to a management shake-up. Bollinger took over as CEO in January, and ex-HSBC chief Noel Quinn joined the bank as its new chairman in May. Julius Baer said it was targeting an adjusted cost-to-income ratio of less than 67% and aiming for a 4–5% net new money growth target by 2028, in a strategy update. Shares were down 2% in early trading. Julius Baer told to pay $5mn for money laundering control failures 'Julius Baer's new strategy under recently-appointed CEO Stefan Bollinger is based on fairly conservative assumptions, which should make new targets achievable, but equally those new targets are well-below market expectations,' Citi analysts said in a research note. The bank had already announced a gross cost savings target of 110 million Swiss francs by end-2025, which it anticipated to exceed by around 20 million Swiss francs. 'Julius Baer is committed to upgrading its risk and compliance management processes and accountability throughout the organisation,' it said on Tuesday.
Yahoo
13-05-2025
- Business
- Yahoo
New ANZ boss flags major digital shift for 7 million banking customers: 'This will change'
Millions of ANZ customers will soon be migrated onto ANZ Plus, the bank's new digital platform. ANZ's new CEO Nuno Matos started in the top job this week and flagged plans to accelerate the move, which will be the future destination for all retail customers. ANZ Plus launched in 2022 and since then the bank has been building out features and products for more than one million customers on the platform. That includes announcing it will roll out fully password-less web banking from mid-2025. Matos told the ANZ's 42,000 staff this week he wanted to accelerate the move over to Plus and acknowledged criticism the bank wasn't moving fast enough. RELATED ANZ scraps passwords for 1 million customers in 'revolutionary' online banking change Photo of huge lines expose $51 billion Gen Z trend sweeping Australia: 'Reaping the reward' $6 million cost Coles and Woolworths pay that Aldi refuses to cave on 'I would like to see it in front of every customer, tomorrow,' he said. In March, the major bank said every new customer would join the bank through its Plus platform by September next year. It then plans to run its entire retail bank on Plus by 2029, with six million existing ANZ customers and 1.2 million Suncorp bank customers, from last year's acquisition, to be moved across. 'There is criticism that we haven't delivered fast enough and that accountabilities are unclear,' Matos said. 'This will change.' Other 'immediate priorities' flagged by Matos, who took over from Shayne Elliott this week, included developing a 'high-performance, winning culture, with no shortcuts from a values and behaviours perspective'. The ex-HSBC wealth and personal banking boss also wants to integrate the Suncorp Bank acquisition quickly, and step up ANZ's risk management and approach. Matos will be paid a base salary of $2.5 million per annum for the new job. The Portuguese banker will also be eligible for a $2.5 million short-term bonus and a $3.4 million long-term bonus in his first full year at ANZ. Millions of existing ANZ customers will be migrated over to Plus over the coming years. But there is no clear timeline in place yet for who will be moved and when, or the time it will take to complete. Christine Linden, general manager in charge of migration, previously said customers would retain existing BSB and account numbers, credit card numbers, direct debits and everything else connected to their existing accounts. She said the experience would be similar to getting an app upgrade. ANZ Plus offers customers smart tools and features to help them save, including roundups, predictions for upcoming bills
