Good morning. Here's what happened overnight and what you need to know today.
1.
Banking blues: ANZ is preparing to cut thousands of jobs as part of a restructure, with chief executive Nuno Matos finalising plans that could see as many as 5,000 roles go. Sources told Capital Brief up to 2,000 jobs are expected to be lost from projects being pulled, with another 3,000 possible across technology, support, finance, governance and strategy. The retail division, which employs about 13,000 people, is a key focus, with Matos pointing internally to NAB’s smaller 8,000-person workforce. Internal data suggests as much as $500 million in cost savings could be made from headcount reduction. An ANZ spokesperson confirmed a restructure was underway, with Matos set to update the market on its new strategy in mid-October. The spokesperson confirmed further changes to the retail bank, in addition to last week's cuts, were under consideration. (Capital Brief)
2.
Secondary value: London-headquartered fintech Revolut has launched a secondary share sale valuing the company at USD75 billion ($114.5 billion), up from USD45 billion last year, financial media reported citing an internal staff memo and unnamed sources. The sale prices each share at USD1,381.06, according to Bloomberg, and allows employees to sell up to 20% of their stakes to new and existing investors. A spokesperson confirmed the sale was under way but said no further comment would be made until it is complete. With more than 60 million customers, Revolut ranks among the most valuable fintechs, more than doubling its 2024 profit to £1 billion on a 72% revenue increase. The company received initial approval for a UK banking licence in July 2024 but remains on a restricted licence, while the timing of an IPO is still uncertain. (Capital Brief)(Bloomberg)(Reuters)(The Guardian)
