ANZ prepares to cut up to 5,000 jobs in restructure

Good morning. Here's what happened overnight and what you need to know today.

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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)

3.

CoStar lens: CoStar CEO Andy Florance plans to roll out at least three new products in Australia within the next 12 months, starting with its namesake real estate intelligence platform, described as “the Bloomberg of commercial real estate”. The $3 billion acquisition of Domain, which officially changed hands last week, marks CoStar’s entry into a market dominated by the News Corp-controlled REA Group- a contest Florance framed not as Domain versus REA, but CoStar in its entirety against the Murdoch-controlled company. He said Domain had been judged too narrowly on financial performance and outlined plans to double its 5 million monthly unique visitors and lift its unaided awareness score from 36 to 50 “pretty quickly”. Former Domain CEO Jason Pellegrino, now president, and staff were briefed with a 580-slide, four-hour presentation. Florance said he would grow “the staff dramatically”, though declined to say by how many, and emphasised that initial investments would focus not on marketing, but on delivering what consumers, vendors, buyers and agents want. (Capital Brief)

4.

Trump pumped: The Trump family notched as much as USD6 billion ($9.2 billion) in paper wealth after their flagship crypto venture launched public trading of WLFI. The debut, akin to an IPO, marked the biggest financial success for the president’s family since the inauguration. The Trumps, including US President Donald Trump, hold just under a quarter of all WLFI tokens. On Binance, the cryptocurrency traded between 24 and 30 cents, valuing their stake at more than USD6 billion, with USD1 billion changing hands in the first hour. WLFI had previously sold privately at 1.5 cents but was not tradable. Trump, who helped launch World Liberty Financial last year while campaigning and has promoted crypto from the White House, was named “Co-Founder Emeritus.” The venture, co-founded by Trump’s three sons, raised USD750 million this summer. Critics say World Liberty could be a vehicle to influence the Trump family, with its growth spurred by partners and investors seeking help from the White House. (WSJ)(Bloomberg)

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Russian interference: A plane carrying European Commission President Ursula von der Leyen was hit by GPS jamming over Bulgaria in a suspected Russian operation, according to the European Commission. The chartered aircraft lost its GPS signal while approaching Plovdiv Airport on Sunday but was able to land safely using paper maps, according to The Financial Times, which first reported the incident. The Commission said it received information from Bulgarian authorities who suspect “blatant interference by Russia,” but did not confirm whether von der Leyen’s aircraft was specifically targeted. The incident occurred during her four-day tour of EU member states bordering Russia, Belarus or the Black Sea. It comes amid a broader increase in GPS interference across Europe, particularly near Russia, with the EU linking the disruption to ongoing hybrid threats. The Commission said the incident would “reinforce our unshakable commitment to ramp up our defence capabilities and support for Ukraine,” which von der Leyen’s tour was aimed at strengthening. (Capital Brief)(FT)(Reuters)(The Associated Press)

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Chip safeguard: Dell’s chief technology and AI officer John Roese backed the US government’s purchase of a 10% stake in Intel, saying semiconductor production is too valuable an asset for the country to lose. Speaking to Capital Brief during a visit to Sydney, Roese said the US should protect every part of the semiconductor supply chain it can, and that he is “all for it” if it means he can access chips long-term, “no matter what the geopolitical climate looks like”. The USD8.9 billion deal, confirmed by the Trump administration in late August, will be paid for using grants already awarded under the CHIPS Act (USD5.7 billion) and Secure Enclave (USD3.2 billion) programs. The move has been praised by Bernie Sanders while criticised by conservatives like Rand Paul and Mike Pence. Roese said the US couldn’t afford to get “5G’d” on semiconductors, pointing to the disappearance of US 5G kit manufacturing as a mistake caused by poor industrial policy. (Capital Brief)

7.

SCO day: Chinese President Xi Jinping used the Shanghai Cooperation Organisation summit in Tianjin to press for a new global security and economic order prioritising the “Global South”, urging opposition to “hegemonism and power politics” and proposing a development bank, 2 billion yuan in aid ($428 million) for member states, 10 billion yuan in loans and an artificial intelligence cooperation centre. In remarks at the summit, Russian President Vladimir Putin said NATO enlargement must be addressed for a sustainable peace in Ukraine and pointed to “understandings” he reached with Donald Trump at their August summit in Alaska. China and Russia backed Iran in rejecting a European move to reimpose UN sanctions under the “snapback mechanism,” calling it “legally and procedurally flawed”. Trump, meanwhile, said India offered to cut its tariffs to “nothing” after the US imposed 50% levies, and Brazil’s President Luiz Inacio Lula da Silva will convene a BRICS leaders meeting next Monday to discuss US tariffs. (AP)(Reuters)(Bloomberg)

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Fault lines: A magnitude 6 earthquake hit Afghanistan near its border with Pakistan, killing at least 812 people and injuring more than 3,000, government spokesman Mawlawi Zabihullah Mujahid told media. The quake struck at 11:47pm Sunday local time in Nangarhar and Kunar provinces, 27 kilometres east-northeast of Jalalabad, at a depth of 8 kilometres, the US Geological Survey said. Authorities warned the toll could rise as flooding, debris and damaged roads have hampered rescue efforts. Helicopters have taken hundreds of injured to Nangarhar Regional Hospital and the Ministry of Defence has sent doctors and medicine to Kunar. United Nations Secretary-General Antonio Guterres expressed solidarity and pledged assistance. (Al Jazeera)(Reuters)