‘The nuke that goes off’: ANZ execs in revolt over risk job cuts
Leaked emails viewed by Capital Brief reveal concerns job cuts could see ANZ breach its obligations with three regulators — and a threat to escalate these concerns to the board.
Senior ANZ staff have warned the top retail executive that the bank may breach its regulatory obligations if it proceeds with job cuts in its risk teams, threatening to escalate their concerns to the board.
Leaked emails obtained by Capital Brief show interim retail boss Bruce Rush was warned that cutting risk jobs could result in ANZ violating an enforceable undertaking (EU) with prudential regulator APRA. The undertaking was imposed last year following scandals in ANZ’s global markets business.
The compliance breach could also land ANZ in trouble with financial crimes watchdog AUSTRAC and corporate regulator ASIC, according to the emails.
The emails were sent over the past fortnight, after Capital Brief revealed chief executive Nuno Matos put thousands of jobs on the chopping block as he seeks to rectify underperformance and instil a high-performance culture at the bank. Rush, who is also CEO of Suncorp Bank which ANZ acquired last year, reports directly to Matos.
