ANZ's risk factor
As D-Day nears for ANZ’s staff, fears mount that risk team cuts could leave the bank exposed on regulatory fronts.
Nuno Matos may have kicked the hornet’s nest with his bold restructure of ANZ, which looks set to slash the very part of the organisation he promised to bolster.
As Capital Brief revealed this morning, there are serious concerns within ANZ that the bank may breach its regulatory obligations if it proceeds with job cuts in its risk teams.
Senior staff have raised these concerns with the bank’s top retail executive, Bruce Rush, and are threatening to go further by escalating them to the board.
Internal emails obtained by Capital Brief detail grave concerns about the 150 redundancies, which staff say will strip ANZ’s non-financial risk teams of deep expertise and leave the bank under-resourced as it continues to labour under an enforceable undertaking (EU) with APRA.
