Nuno nonsense
ANZ boss Nuno Matos is "not playing games", as he made clear during a confident, cost-focused strategy update today. For now, it seems the market is buying it.
ANZ chief executive Nuno Matos is “not playing games”, as he made abundantly and repeatedly clear during the bank’s long-awaited strategy update today.
Despite a flurry of questions from seasoned analysts, Matos remained confident, methodical and unflustered. He had clearly done the reading. Which is just as well, considering how closely watched his short tenure at the top of the bank has been.
As Capital Brief has reported, Matos’ quick moves to slash staff, overhaul risk, cut extraneous functions and resolve regulatory issues have inevitably attracted attention and a fair share of criticism.
The evident preparedness didn’t land well everywhere. On Reddit, where the denizens of the Aussie Corporate subreddit have offered a highly critical blow-by-blow of Matos’ opening moves at ANZ, one of the top comments offered a not-so-positive perspective: “The strategy looks like it was written by a McKinsey grad in ChatGPT”.
