In September last year when I first broke the story in this newsletter Nuno Matos was to launch large scale layoffs at ANZ, it was met with disbelief inside the bank and wider industry that thousands of jobs would be shed without consequence. Just nine months later, and having found early success, it looks like Matos isn’t done yet.
Last week we asked Matos during his session at the Morgan Stanley Summit whether there was greater scope for cost cutting than originally forecast, with the bank’s target having already risen from 3% to 5% since it launched its ANZ 2030 strategy.
Matos confirmed there was, pointing to two areas where they will be achieved in FY27 and FY28. The first is as the bank realises “a big chunk of synergies” from acquiring Suncorp and simplifying the business, including shutting down “tech projects that didn’t make any sense, ventures that do not align against the strategy”.
He has long argued duplication has not only created unnecessary cost across the organisation but thwarted its own ability to grow and manage regulatory risk.
