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ANZ Bank CEO Pledges Overhaul, Demands Productivity Boost
8 Aug
Summary
- ANZ CEO Nuno Matos calls for higher productivity, reduced inefficiencies
- Strategic review underway to integrate Suncorp Bank, grow retail platform
- Several senior executives have exited the bank since Matos took over
In the past three months, ANZ Group Holdings Ltd. has undergone a significant shift in leadership and strategy under its new CEO, Nuno Matos. Matos, who took over from Shayne Elliott in May 2025, has wasted no time in implementing changes to improve the bank's performance.
In a memo to employees, Matos has called for increased productivity and a reduction in inefficiencies, stating that "the productivity levels and the cost to run our business need to be brought in line with industry standards and shareholders' expectations." This includes halting work that does not support the bank's priorities and reducing duplication and complexity.
Alongside this push for greater efficiency, ANZ is also conducting a strategic review to determine the bank's future direction. This review will examine how ANZ continues to integrate Suncorp Bank, which it acquired, as well as how it can grow its ANZ Plus retail platform.
Matos has been meeting with a wide range of stakeholders, including customers, regulators, shareholders, and industry groups, to gain a better understanding of the bank's challenges and opportunities. Based on these discussions, he has concluded that "in order to meet our priorities, there are things that need to change."
The changes at ANZ have already resulted in the departure of several senior executives, including Maile Carnegie, Gerard Florian, and Mark Evans. Matos has acknowledged that this is a "difficult time" for some teams, but has assured employees that the bank is committed to working through the changes as quickly and carefully as possible.
