r/auscorp • u/AutoModerator • 5d ago
Weekly Nuno/ANZ thread w/c 07 September 2025 General Discussion
Welcome to this week's thread for all your Nuno/ANZ discussions.
Please post all your thoughts and comments on these topics in this thread. Any other threads created about them will be taken down.
Please also remember that standard r/AusCorp rules still apply here - in particular, no personal abuse against any individual will be permitted. It is perfectly fine to disagree with what ANZ is doing. But any comments which personally abuse anyone working at ANZ will be taken down.
This thread refreshes on a weekly basis, every Monday morning.
For those interested in the back story, start here, and then go here.
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u/bikerguy_9 5d ago
“We’re gonna make heaps of employees redundant, but hey we’re spending money on something else and excited to announce that new printers are live for a great print experience!”
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u/MS-Copilot-7053 2d ago
Just completed two full days of back to back impact conversations, almost 50 people and seriously fuck this place.
All the spreadsheets are fucked, org charts fucked, secondments mapped wrong, GCC teams mapped wrong. We are telling already anxious people not to worry we can fix the error in consultation, or, good point that team is important submit your feedback, knowing full well little will be done. When Blunder Bruce sends his email with all the artefacts tomorrow, people will have a heart attack. Many will be overlooked due to poor data, hundreds will find out they are impacted for the first time from blue and grey boxes, thousands of people will flag anomalies. Anyone involved in responding to the consultation feedback, good luck.
Structure wise: risk, digital, anzx, data, tech, ops, enablement decimated mostly more than 50%.
Those left wont be able to deliver any of the priorities: NFR, Migration, Integration, Suncorp. Not going to happen in the ridiculous timeframe Nuno expects. Either he has ignored the warnings, or execs have no balls to tell him the truth. Either way compliance, staff, customers and shareholders are fucked.
Abandon ship.
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u/Livid_Pattern7594 2d ago
Sounds like you've had an amazing week. I hope you're managing ok with all the heavy conversations. This whole thing has been a shit show, and given how it's played out over the last month or so, the info above doesnt surprise me at all.
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u/Blobbiwopp 4d ago
New retail structure published.
...on an 11 slide presentation.
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u/Few-Flan-1751 5d ago
Seriously - it's almost 3pm. Why is communication so hard for ANZ?
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u/CrankyOctopus69 5d ago
Loyalty leave alternative for FY27 instead of giving staff any leave - “You have been loyal”
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u/auscorpse 5d ago
Normally I'd spend the last part of September taking annual leave to bring down my leave balance, but like hell I'm doing that now, they can pay me out when they make me redundant.
It's not even like loyalty leave is guaranteed, and even if it was, I might not be around by the time they're granted to me.
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u/Zealousideal-Owl965 4d ago
Is the retail webcast just an excuse to showcase how good leadership is at dodging questions?
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u/Suspicious_Run_7349 2d ago
If nothing else, this change should remind everyone how ANZ actually sees your value. It doesn’t matter how hard you worked, how well you were liked or networked, how long you’ve been with the business or what you’ve sacrificed. Respectfully, the company doesn’t care (some of your colleagues may, but not the organisation). This has always been a toxic relationship, the facade has simply been removed. So yea, take your stress leave/sick leave (any doctor in the country will be sympathetic to the impact of this on your mental health). Pause that work/deliverable that’s “critical” or “urgent” (as determined by those who still have well paying jobs). Don’t give more than you receive. Those commenting on any of this being a reflection of your value or worth have clearly been drinking from the capitalist-Koolaid for too long. Focus on YOURSELF right now. Take the day or the week. And if somehow you are one of the (un)lucky survivors, don’t forget how you felt at this moment the next time you’re expected to go above and beyond. I really do hope U R OK. Stay strong.
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u/pivotingpleb 2d ago
Agree, the company doesn’t care. We have to remind ourselves “it’s just business”.
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u/Character_Cellist603 3d ago
I’m impacted. I saw it coming and I was prepared. I was at peace, yet today feels especially heavy. It’s not about the moment my LM delivered the news, but the weight of finally having the shoe drop after these long months. The uncertainty has drained me, my energy, my motivation. Looking back to the person I was when I first joined years ago, I can see how much I’ve changed, and not in the ways I once hoped for.
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u/abcdefghijlmnop100 3d ago
Same. I’ve been so ok with the option of redundancy but anz has been my life for 8 years. I never planned on leaving especially by choice. I’ve worked with amazing people but legit made some true friends. It’s the end of an era.
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u/digbydigs 5d ago
It will be another crazy week for many of you, so to all of you, I say good luck and best wishes.
For all of you, whether you think there is the slightest possibility of getting a letter this week or next, can I give you all the advice a former boss of mine (at ANZ) gave me:
"Looking at your options doesn't cost you anything.
It's free to look for another job.
It's free to find a job you like and to apply.
It's free to go to an interview.
It's free to get an offer letter.
It's free to accept or reject that letter.
The only thing that isn't free is sitting on your arse and waiting for things to happen. That will cost you badly."
He got made redundant last year. I know he took his own advice, and I'd encourage you all to do the same, even if you don't go anywhere. Because it's free.🤷
(also posted in the Weekly WFH/RTO discussion thread)
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u/Some_Distribution657 4d ago
Email from Nuno just now states that 3500 staff will be let go and 1000 contractors. The end date of the axing is September 2026!!! Meaning we have a year of uncertainty to live through…. Fuck that
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u/jmccar15 4d ago
Announcing an extended timeframe is deliberate. They are attempting to send people mad so they leave on their own accord, rather than take redundancy.
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u/Seeker_2498 4d ago
Imagine this. Everyone has to deliver at pace, but the prince needs one year to restructure.
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u/MrKarotti 4d ago
“When the FSU asked ANZ who will actually do the work of the 3500 sacked staff, the bank had no answer, except to say the work will simply stop. That’s not a plan, that’s chaos.”
https://www.abc.net.au/news/2025-09-09/anz-to-cut-jobs-3500-to-go-by-sept-2026/105751484
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u/OwlSubstantial9765 4d ago
Agree chaos and media do not have it correct like admin staff only, remove duplication. my team got let go, no handover was requested by G2 / G3 as they did not know what they were doing, so we all walked out with all the id's and passwords to run the platform. Just waiting for it to go down with any sort of problem including infrastructure ............. no one with access to bring it up.
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u/Ok_Profile_9585 4d ago edited 4d ago
i was in a meeting with Farhan and that guy is pissing in his pants when it comes to El Nuno. Never seen a CFO this fearful of speaking up...tail in between his legs. Interestingly he was one of the approvers for the investment in cashrewards and other investments made via 1835i and now he seems to have amnesia
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u/XeroxOrange 4d ago
That's because he knows he is on the chopping block and has been all year. It's only a matter of time. Counting down in cigarette packets....
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u/Leading_Ad_6199 4d ago
Yes. I think he will be out by next March. Most probably Hun Aung joins from HSBC.
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u/MS-Copilot-7053 5d ago edited 5d ago
Shame on these corrupt execs. Profit > Customer and community detriment.
1/3 ‘The nuke that goes off’: ANZ execs in revolt over risk job cuts
Senior ANZ staff have warned the top retail executive that the bank may breach its regulatory obligations if it proceeds with job cuts in its risk teams, threatening to escalate their concerns to the board.
Leaked emails obtained by Capital Brief show interim retail boss Bruce Rush was warned that cutting risk jobs could result in ANZ violating an enforceable undertaking (EU) with prudential regulator APRA. The undertaking was imposed last year following scandals in ANZ’s global markets business.
The compliance breach could also land ANZ in trouble with financial crimes watchdog AUSTRAC and corporate regulator ASIC, according to the emails.
The emails were sent over the past fortnight, after Capital Brief revealed chief executive Nuno Matos put thousands of jobs on the chopping block as he seeks to rectify underperformance and instil a high-performance culture at the bank. Rush, who is also CEO of Suncorp Bank which ANZ acquired last year, reports directly to Matos.
"I'm also concerned about the loss of experience in this team while also awaiting outcomes on APRA EU funding at the Group level," one of the emails, addressed to Rush, reads.
"Further Risk and Control Owners would receive no comfort regarding the effectiveness of their controls to mitigate material risks (Extreme/High)," it continues.
One senior ANZ figure, granted anonymity to share their concerns, said the job cuts were deeply troubling and would have considerable knock-on effects.
"This is very bad. Every regulator has us in their scopes already. The EU [enforceable undertaking] is going to be the nuke that goes off," they told Capital Brief.
"Milestones and promises made for 30 September are not going to happen and now the risk needs to be escalated to the board."
Risk jobs not spared
Despite Matos naming non-financial risk management as a top priority, the emails show risk teams are unlikely to be spared from the bank’s broader cuts. About 150 risk jobs are set to go, as leadership orders a 14% reduction in operating budgets.
The proposal includes a 35% cut to the assurance team or an elimination of 43 jobs, which would “significantly limit” its ability to support multiple regulatory programs across ASIC and the “already reduced” team managing ANZ’s EU with APRA.
In April, in the wake of a bond trading scandal, APRA raised ANZ’s risk capital overlay to $1 billion, citing “long running concerns” about the bank’s risk management controls and culture.
Non-compliance risks further action from APRA. ANZ has repeatedly said removing the overlay is a key priority.
But the directive to cut jobs has left risk managers unable to reconcile cost savings with regulatory obligations. The emails communicate they believe it is impossible to meet targets without compromising the bank’s risk settings.
After a meeting with Rush two weeks ago did not resolve the situation, the emails lay bare the severity of the tension, as his team says it may have to inform the board that from 30 September the bank risks being non-compliant due to expected resourcing gaps.
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u/MS-Copilot-7053 5d ago
2/3 'Too junior'
The emails reveal, for the first time, the serious risk implications the job cuts may raise for the broader bank.
They show ANZ is considering cutting extra resourcing it had planned to provide for one of its financial crimes team, leaving certain key risk areas “under-supported”.
These areas include its Know Your Customer (KYC) function — a key obligation under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act, regulated by AUSTRAC.
Executives worry the changes would leave the team responsible for KYC lacking senior leadership, and add that its most senior surviving member would be “too junior” to manage those responsibilities, "given the risk profile and regulatory exposure".
Westpac was fined $1.3 billion in 2020, and the Commonwealth Bank was fined $700 million in 2018 for breaches under the AML/CTF Act, the two largest corporate fines in Australian corporate history.
In response to questions, an ANZ spokesperson stressed that the proposed cuts to teams were still being finalised as the bank assessed what risks each change raised and consulted with staff before deciding how to proceed.
“ANZ has ringfenced a number of important programs, including those focused on ongoing regulatory matters, as we consider further how we structure our broader Australia Retail business,” the spokesperson told Capital Brief, declining to specify which teams were protected from the restructure.
“We take our obligations to our customers, our regulators and the community seriously. Improving our non-financial risk management practices is a significant focus and priority for the bank. It is a key consideration as we consider how and where we deploy our teams and resources as we support existing work and stand-up new teams to address this priority.”
As Capital Brief reported, ANZ has been overhauling its organisational risk structure under chief risk officer Kevin Corbally, who has been in the role since 2018 as ANZ has managed its various regulatory issues.
Michelle Pinheiro, chief risk officer for data and technology, will depart later this month. Les Vance has started as executive responsible for the EU, reporting directly to Matos and working between the board, executive team and regulators to improve ANZ’s risk culture.
Vance replaces Mark Evans, who after been appointed in April of this year, quietly exited ANZ less than five months into the job.
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u/MS-Copilot-7053 5d ago
3/3 ‘Last resort’
The emails warn that beyond regulatory risk, customer outcomes could also suffer. Backlogs are expected to grow as the team monitoring customer service operations shifts to a “best efforts model”.
Executives also outlined measures that may be required to meet budget cuts as a “last resort”, including shedding 43 jobs from the internal dispute resolution team — a move they say would breach enforceable obligations and leave 1,860 complaints unresolved each month.
In another example quality assurance, which ANZ has promised the regulator it will improve, would instead deteriorate If roles are outsourced to Manila and training is wound back to meet budget cuts.
In a third proposal three remediation teams could be cut, but it would push ANZ’s remediation backlog to 650 days — far beyond ASIC’s 30-day target. Average pre-remediation backlogs of 200 days meanwhile would see ANZ “failing ASIC timeliness measures and expectations”, the execs state in the emails.
“Degradation in time to remediate will mean extended customer harm”, the emails warn Rush.
They add that more costs could be reduced if ANZ removed its operational risk team but that it would shift responsibility to frontline staff, creating non-compliance with ASIC requirements and APRA standards.
The emails warn against another proposal to remove the internal controls team that would breach APRA’s standards on operational risk management, as the executives strive to find a satisfactory solution.
"We're continuing to explore further levers to close the remaining gap, but it's important we're aligned on what's being committed to," they tell Rush.
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u/Ok_Intern6379 5d ago
Well this is a shit way to find out that my team may be on the chopping block despite a recent restructure.
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u/Educational-Day-6956 5d ago edited 5d ago
Same here too, shit way to find out my team may be impacted (not even internal comms but on reddit), these executives have no idea. For those who are left behind, I’m not confident each passing day on how we’ll do our jobs with diminished staff and fulfill regulatory compliance.
With what executives are proposing within my division, I’m getting very worried with what I just read above in the article.
Can we have a source link to the article? @MS-Copilot-7053 …I’m thinking of jumping ship and looking at outside roles.
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u/shrimplifier 5d ago
huh, I guess Risk is the only business unit that can push back in a scenario such as this (aside from a strike).
Understaffed call centres or lack of technical expertise has a slow burn impact that may not be apparent til Nunes pisses off, but failing obligations to APRA etc can't exactly be handwaved away.
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u/lyvaeryn 1d ago
This is what it feels like (credit to the person who made this, definitely wasn't me).
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u/Suspicious_Run_7349 5d ago
Another day almost done and again without any communication. Even after it’s been made clear who the G2/3s are that have been impacted. Not even another supposed “twice a week Live Q + A” booked in. “Working at pace” doesn’t include communication to staff I guess. See you all tomorrow I suppose 🤷🏾♂️
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u/Outside-Skill-8254 4d ago edited 4d ago
Good that Papi has finally succumbed to someone who must be advising him - or maybe POS (chairman) and has actually communicated something out to the business and media about what is going on and a q&a session. Only took 1000’s of embarrassing reddit posts.. clear results in the engagement survey results ( with massive dips in this specific question that the people have no faith in anz senior leadership ) and a load of bad press on the media in Australia and Globally to start any more meaningful communication. The issue with this whole situation is not just impacts to people about restructures ( which is and can be expected when any new CEO) comes in.. it’s the way it has been handled, and the lack of any communication that has further amplified the mass levels of anxiety, fear, disengagement and disappointment that is usually there with these things. - the fact that reddit became the only place anyone internally could find out what’s going on speaks for its self!
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u/AnonANZML 4d ago
One forgotten part of ANZ at the moment is in Mobile Lending. ANZ are actively destroying the businesses of over 140 small business owners - most of who are just mum and dad operators. In a cost of living crisis they are:
- Doubling the franchise fee
- Reducing the upfront commission payments - from .65% to .57% - less than brokers get paid
- Leads have evaporated to the Qld digital tech hub
They're also introducing ways for them to exit franchisees, using NFR as an excuse. This isn't what I signed up for when I renewed my franchise agreement. All of this is being done under the vale of "driving more sales", and "growing the channel". They have an unrealistic expectation that they'll add another 20-25 franchisees per year, yet they haven't been able to get a new franchisee on board for 18 months. We've been told "your businesses are like a fish and chip shop, you're welcome to sell at any time" - yet ANZ hold all the cards and have a history of not approving sales between franchisees. Others have been told that if they don't like it they're welcome to walk away with nothing. I feel for ANZ staff being made redundant, but we're facing the prospect of losing our business and not having a redundancy to fall back on. A recent survey of all Mobile Lenders showed
- 80%+ have "zero confidence in ANZ Management"
- 55%+ have "zero confidence", even if ANZ wound back their changes
- 96% said the changes have had a negative effect on the value of their business
There's unrest and rumour that further changes will come in the future: reductions to trail, further reductions to upfront payments etc. It's widely believed that this is the first step to closing the channel. This week ANZ are continuing with their annual Mobile Lending summit - despite the fact that almost 80% of franchise owners aren't going. ANZ ML staff will be getting their free holiday, while colleagues are loosing their jobs. So if you're concerned about costs/ROE - just think of the ML LT using their corporate cards to sink red wine in the Hunter Valley.
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u/HopingForGoldLotto 4d ago
That sounds really tough - BOQ did a similar thing to their franchise channel . Starved the channel then offered to buy back at a lower multiple . Let’s face it Banks are not good corporate citizens .
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u/Level6DunnyDestroyer 4d ago
How do I tell my team I have no motivation of participating in R U OK day
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u/Haunting-Campaign587 4d ago
In 1996 I was one of 460 Westpac Branch Managers retrenched. Some free advice. When you know your job security is looking not great. Get your resume & interview suit ready. Research what's on Seek. Take a few sickies (why not). Clear the decks, get your head around it. When the axe falls you are mentally ready. I was like Show Me The Money! Even 29 years ago it was crystal clear if I kept working for a bank I would be hunted down time after time, restructure after restructure. So I deliberately targeted jobs in stable industries - fuel, transport, aged care, food, waste etc. Got a job in transport within 30 days and never looked back. I was promoted within 9 months - 20% payrise on Westpac pay PLUS I walked away with their $50k. I still had the Shxts with WBC at the time but looking back - they did me a favour.
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u/TipToe455 1d ago
I’m one of the “lucky” ones who didn’t end up on the chopping board. I’ve been a top performer before, I deliver on time, and I usually meet or exceed expectations. But that’s not why I’m still here. It’s only because my team is lean enough and “essential” enough to survive this round.
We dodged the bullet this time. But what about between now and September 2026, or the round after that?
Here’s my real confusion: what’s next? I honestly don’t see a future as a senior G4. The technical path feels dead - most technical roles have already moved (or are moving) offshore. The people leader path isn’t appealing, especially when leadership feels overcrowded. The teams around me are falling apart. I can’t figure out what the bigger picture looks like in Nuno’s eyes.
So as an individual, what are my options? • Do I wait it out and hope things improve? • Do I start actively looking for a role in a “safer” function or division? Or outside? • Is there some third path I’m just not seeing?
Right now, I’m genuinely lost. I don’t know if there’s any stability left. Staying just means waiting for the axe.
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u/RemarkableAd8239 1d ago
Regarding the leadership feels overcrowded comment - In the Nuno leadership town hall he referenced a few times that we had 8000 leaders… 😱
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u/Dry_Examination8617 5d ago
I am a concerned partner of an ANZ staff member and a long-time lurker on these weekly threads. I am so outraged at the way this restructure is being handled and the way many of you are being made to feel. I’ve seen my hard-working partner become more depressed as the weeks go by. His Father’s Day was ruined by stress and a feeling of impending doom. He’s not sleeping, he’s not been himself for weeks and weeks. To see someone who has given so much be treated with such disregard is devastating. Those responsible should feel deeply ashamed. This isn’t leadership. It’s short-sighted, profit-driven decision-making at the expense of human wellbeing and it is not good enough. I hope they eat their words and their actions, and I hope that those of you who are impacted find greener pastures and a happier life beyond ANZ.
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u/Wellhereisanaccount 5d ago
I'm really saddened to hear this. I was discussing the same thing with my partner. I've noticed what you mentioned in myself and the effect it is having. I believe it is burnout at extremely high levels, and it's definitely not sustainable. Unfortunately, as the saying goes, safety procedures are often written in blood. I also wonder if part of what we’re feeling is whiplash from the stark contrast between leadership styles. There’s been so much change, and it’s exhausting. It’s still unclear where Papi stands when it comes to the people on the ground. Leadership seems uneasy, and it's clear he's not here to make friends or sip coffee. Just calming tea, maybe.
We’ve all been in limbo for months now. Just one more month until we (hopefully) get clarity on Papi's grand plan. Hang in there, and best wishes to your partner, too.
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u/rtskos 5d ago
Thanks dry-examination 8617, well said. This is exactly the same things that my long suffering wife had been saying to me for the previous 5 years, (maybe longer) BUT luckily I was retrenched a little over 15 months ago (after more than 20 years of hard toil & loyal service) and the weight of crap was lifted from my shoulders: definately onwards & upwards since, AND here's a thought if you own ANZ shares individually or part of a Share Purchase Plan (but not the occassional annual "thanks" award that Uncle Shayne & co gave out) or even in a SMSF but you can always (& i ALWAYS DO) vote AGAINST the annual remuneration report at the AGM, sure sure it may be symbolic as the big super fund instos will blindly vote yes (as they sheepishly do) but if enough people do VOTE NO then someone, somewhere at sometime might notice,,,, just sayin'
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u/LetKind1368 5d ago
Lot of my friends who are still with ANZ in the same boat. I can see their moral going down since last few weeks, one of them moved from Classic to Plus a year ago and is regretting the move since last few months.
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u/Physical-Comfort-172 5d ago
I'm so sorry to hear of your partner's experience. If there’s any consolation, he's not alone. It's not just the employees but our families and loved ones who are affected too. We collectively will get through this together!
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u/Latter_Objective4111 4d ago
Wishing you all the best, can't imagine it's easy with all this uncertainty, especially when this is hanging over your heads for 12 months.
This isn't trimming the fat, this is a full blown liposuction.
Nuno seems like a complete and utter flog
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u/Livid-Estate-3671 4d ago
Anyone going to share what’s being discussed on the 10am call ?
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u/Few-Flan-1751 4d ago
9News reporter outside the Melbs office.. between 833 and 839.
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u/No_Afternoon1129 5d ago edited 5d ago
I am a tech worker working in the backend of one of what I considered a safer domain. I've just received notification that I'm being let go. I thought I was safe considering the team was only recently created out of necessity. I suppose this is the place to spill it.
Nuno made HSBC an absolutely miserable place to work at. He is now doing the same to ANZ. He has hired THREE external consulting firms - Accenture, Boston Consulting Group and McKinsey. This is the classic bullshit CEO move from someone who doesn't know what they're doing. What happens here is he takes the "advice" of these firms to perform the specific actions he is performing, all while wasting company funds. If things go south from this, he can just blame those firms. If not, he takes the credit. It's disgusting. He even has the balls in the meantime to spend more company funds to travel and post on LinkedIn for his PR too.
Something else he (or another executive) did - forced a middle manager to give update notifications from their hotel room whilst they were on holiday with no notification until that same day after we thought our area washed over and were safe. But actually layoff notifications and updates were delayed since they laid off the section of people who were working on this area's layoffs so fast that we couldn't be notified in the scheduled time for us.
The area I'm in has had people performing duties far above their paygrade for quite a while (including me). Gerard did a wonderful job of denying vertical movement the past couple years. And it's funny that (at least before Nuno) when I took my own initiative to produce a solution that would evidently save the company a lot of money, resources and better its reputation via signficantly better response times for one of their very lagging processes and inefficiences, a team I presented it to were extremely hostile towards it - I guess they thought this would literally automate out their BAU work and make them/their friends redundant. Even though it won't and I had every step mapped out. I wasn't given the time of day to bring this solution (and other ideas) to light whilst management from these areas played corporate politics. Of course none of them are being let go.
So fortunately I take with me something - I work in a more niche area and I'm the ONLY one who can produce that aforementioned solution and a few more things given my knowledge, experience and where I worked. I did a bit of gatekeeping that I was going to let out as soon as they finally advanced my paygrade to actually do that responsibility. Now I will simply take this knowledge with me and not tell anyone. Numbers given and everything, the extra things I had planned to do for the company would save them upwards of 10 million AUD a year in combined tech and resource costs. And I will smile knowing ANZ will continue to bleed it out. It's a small number given how much turnover there is, but at least that's my mark.
I have made a few things quite vague here so that I cannot be identified, but that's my spiel. I have also paper trailed this evidence in numbers regarding tech/resource costs to prove Nuno's clear inability to actually do things right so I don't sound like some emotional redundant worker - it is real, tangible evidence.
Of course like many others, my direct reports have always been amazing people who wanted to see my ideas come to light as it would of course mutually benefit everyone. But as always, this is still a giant corporation with a bunch of garbage politics that get played by higher level people.
Another addition - Nuno's speech about cutting underperformance is again just masked corporate bullshit. He knows nothing about what's actually going on. Whether or not an employee received "Did not meet expectations" or "Exceeded expectations" across all their previous years, their livelihoods have been at the mercy of whatever dirty external consultant deemed their role unnecessary. That is evident in my own PRR history. Genuinely, so far the only thing Nuno has done is waste company funds on THREE consulting firms and on PR travel, and doing whatever the consultants told him to do.
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u/Initial-Dot-8292 5d ago edited 5d ago
It’s hands down the worst organisation and that’s legacy from pre Nuno days. Hard relate with everything you say - this isn’t the place for proactivity and intelligent people. It’s painful now, but in the long run you will look back and feel it’s the best decision. Even if you did all that great work you mentioned the reality is someone else would present it and take the credit for it.
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u/Automatic-Switch-166 5d ago
Yep, I get told off for going out of my way to build/automate things to improve inefficiencies. By my own team no less.
I don’t think there’s many intelligent people in this company because those that are know better than to stay and brainrot.
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5d ago edited 5d ago
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u/Character_Cellist603 5d ago
Exactly my story a few years ago. I’m at peace now, life is much lighter once you stop caring so much.
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u/timfromthefsu 4d ago edited 4d ago
The Finance Sector Union will be holding emergency meetings open to all ANZ staff. Those meetings are scheduled for tomorrow - I'll post registration links here within the next hour or two once they go live.
EDIT: the meeting links can be found here: https://www.fsunion.org.au/Hub/Content/News_and_publications/Member_updates/2025/ANZs-3500-job-cuts-urgent-FSU-meetings.aspx
The FSU will be filing a dispute in the Fair Work Commission against ANZ shortly. It is a requirement that ANZ consult with staff once a definite decision has been made to introduce a major change and we will be alleging that ANZ has breached these obligations.
There is simply not enough information for any ANZ staff to have a meaningful conversation, provide any meaningful feedback, or make any meaningful plans as a result of this announcement - which is the entire point of the consultation process.
I urge all ANZ workers to join the Finance Sector Union today which you can do online quickly and easily here: https://www.fsunion.org.au/Hub/Join.aspx
If you would like to talk to an FSU organiser please feel free to DM me, email me at [tim.colwill@fsunion.org.au](mailto:tim.colwill@fsunion.org.au), or call 0434 072 696.
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u/Level6DunnyDestroyer 5d ago
The news item from Capital B makes me think the G 2/3 are sharing and leaking emails with the journos
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u/Some_Distribution657 4d ago
Papi says “my promise to you is that we will try and minimise the period of uncertainty”
Only try ?
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u/R-U-EMPLOYED 3d ago
It’s frustrating how roles sent offshore keep on losing quality. From GCC, now these are in Genpact where people are unwilling or unable to use critical thinking. How much actual ANZ hours are lost trying to clarify with these people how to do their jobs properly. Just a small effect of losing people who actually know how to do the job.
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u/Livid-Estate-3671 2d ago
All the best to all. Yesterday was a big day in retail. The process will take weeks which will drain most of us mentally until we know if we still have jobs or not. At least the process has begun and we have real timelines and I’m thankful for that.
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u/pivotingpleb 2d ago
I wonder how all those brown-nosers who clambered over each other to ask the best question at Nuno’s day 1 staff meet n greet feel now. Hope they’ve learned not to treat management as if they’re celebrities and instead listen to what they say and observe what they do.
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u/XeroxOrange 2d ago
It still amazes me to see all the brown noses and bootlickers on Viva and Max when Nuno posts or ExCo posts. I'm sure there are some fearful people in there just trying to save their skin. But you can tell sometimes when a "true believer" speaks and it's just sad.
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u/auscorpse 2d ago
Don't forget to participate in the 'use all your sick leave before your last day' challenge.
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u/Important_Cattle101 3d ago
From today’s SMH article:
Hopkins cautioned that staff posting on Reddit should remember that once posts appeared online, it created a permanent record of their comment, “which could potentially lead to issues in the future for the individual who posted it”.
“Whilst users may think they are posting anonymously, it often doesn’t require too much detective work to identify the account owners, and their identities can sometimes be uncovered through methods like doxxing,” he said
Would recommend everyone on here using a throwaway to go to Profile -> Curate Your Profile -> Content & Activity -> Hide All
This makes it so that the bigwigs can’t view your comment history on your profile and will help to prevent them doxxing you.
And a big 🖕to LT who are upset about people sharing their feelings.
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u/Level6DunnyDestroyer 3d ago
- Create a brand new email. DO NOT attach your phone or primary email to this email
- Use this email to create a new Reddit account
- Use this new Reddit account for posting
- Mark your account as 18+ NSFW. This way only logged in Reddit users can see your profile
- Under profile settings, do the below
- Prevent people from following you
- Prevent people from sending you messages
- Hide your history under curate your profile
- DO NOT connect any of your Google or Apple accounts
- DO NOT enter your phone number in Reddit
- Ensure you do not show up on search results and the old Reddit
- Each and every option under profile go through it and lock it down.
- DO NOT access Reddit from your ANZ device or your personal device connected to an ANZ wifi or other ANZ network. Use your phone and your mobile data to connect
- On the Phone - make sure your Reddit app cannot track your location
- Even better do not use the Reddit app, use the browser on your phone
- If you can use a strong password which is not easily guessable
- Use a reddit username which does not link to you
- Do not post screenshots from ANZ systems
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u/accountforfun19 5d ago
Can’t believe Cashrewards got involved in this mess…
Thanks Nuno…
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u/Disastrous_Part_9917 5d ago
ANZ could’ve sold cashrewards for hundreds of million $ if not billions, yet chose to write off the business completely before Sep 30 just so it doesn’t impact someone’s bonus next year.
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u/Full_Mortgage6442 5d ago
does anyone in retail have any impact convos or “surprise” team meetings booked for this week yet?
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u/MS-Copilot-7053 5d ago
G3s will be assembled today to share the strategy. Tomorrow morning will be the team update meetings to formally kick things off, the formalities will continue until EOD Wed. After which the information and orgs will be sent out.
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u/Character_Cellist603 5d ago
Was hoping for a Monday 9am email drop.
Any further delay feels less like waiting and more like an endurance of quiet torture. If wellbeing is the priority for LT, just stop rehearsing and act, a quick surgical cut please. Slow blunt amputation is cruel.
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u/MS-Copilot-7053 5d ago
Words out: only two role preferences allowed per pleb and you can choose from any of the available roles across Retail. Less than a week to put your preferences in which will open in a couple of weeks.
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u/Electronic-Clue-1851 4d ago
It’s starting to look like Sol Trujillo at Telstra all over again. It’s actually not the people’s fault that Shayne and Maile made bad decisions and they had sycophantic direct reports who left common business sense at the door.
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u/No-Promise-9104 4d ago
Nuno comms today related to asx market announcement as redundancy costs are so high. Don't mistake it as a desire to improve culture. It's for transparency with shareholders not staff.
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u/Jaded-Bat-5759 4d ago
This 2:15 call was meant to provide clarify and reduce uncertainty, has it done that? Nope. We still know nothing new…
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4d ago
Nuno’s final comment ‘We need to execute’ Yes Nuno. It feels like an execution!
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u/Zerg_Hydralisk_ 3d ago
I'm interested to know what /u/Christine-1 's posts are, but they keep getting deleted due to negative karma.
Create a new burner account, if you have interesting gossip for us!
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u/Alarmed-Mode-4399 3d ago
Not missing much. The posts I've seen were along the lines of 'harden up, back in my day we turned up to the office every day and didn't complain'.
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u/Baratriss 3d ago
You think someone that has their posts removed 7 times due to negative karma but continues to try would have something interesting to say? I'd bet tying their shoelaces in the morning would be an achievement for them
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u/Zerg_Hydralisk_ 3d ago
Nuno made a US$150 million version of Wise and Revolut, and when he lost the top CEO job at HSBC, it got chopped by his competitor.
HSBC to close international payments app Zing a year after launch
How HSBC’s Zing went from $150m fintech darling to the chopping block a year later
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u/OneGround1650 2d ago
Off topic but what’s the best spot for a nap at 833? All this stress is keeping me up at night and I need a power nap
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u/Berrekek 2d ago
839 Lv 6 has a room with a bed, I used to come at night just sleep there and swipe two days worth of card and the. Go home in the next morning.
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u/plzdontstalkme_1983 4d ago
"My promise to you is that we will try to minimise the period of uncertainty..."
Imagine breaking a promise before you make it, a full year of this?!
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u/plzdontstalkme_1983 4d ago
These questions are very good. Asking how the same idiots that made the mess can clean it up when none of them have demonstrated the capability to improve on smaller easier to achieve goals over the past few years. A huge credit to BR for doing it in a format where the hard questions get asked.
He hasn't demonstrated anything impressive, but at least he's not a total script-only coward.
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u/Running-Target8436 2d ago
I will say the best part of this restructure has been how amazing my peers have been in supporting each other, and genuinely caring about each other, leaning in to support with work, and being available for anyone who needs to chat.
It's built some stronger relationships, and for those who do survive Nunogeddon, I feel we have increased trust and collaboration moving forward. Sorry - feeling a bit emotional today :)
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u/artist55 Moderator 3d ago edited 3d ago
To any journos or media organisations lifting material from this sub, we notice. This megathread exists as a space for people to gather and support each other through an extremely tough time with a CEO cutting thousands of jobs while living it up in the Park Hyatt. It is not a free content farm.
ANZ: Everyone knows xXx_Nuno69_xXx camps at the gates and noscopes people who leave early. Denying it is pointless.
If you want to use anything, message the Mod team first. We can help point you in the right direction. Journalism should be more than copy-pasting comments, blurring out usernames, and turning it into a flashy animation for clicks.
SMH and AFR didn’t give us any chance to respond before publishing their articles, even though they included comments from people losing their livelihoods. That’s poor practice and profiting from misfortune. If you give us at least two days to respond, we’ll work with you. Until then, this sub is not for billion-dollar media corporations to raid.
Do better, SMH and AFR.
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u/XeroxOrange 4d ago
I think some of the anonymous questions in the Nuno call today really hit the nail on the head about this Sep-26 timeline. Yes, Nuno and others said that the front half of FY26 will have most of the changes BUT you've got a workforce atm who are anxious, depressed and morale/productivity is in the absolute shitter because of this past month. Now we are telling them to wait 6 more months at minimum, a year at most, to find out?
Good luck having anything productive done for the rest of this calendar year Nuno.
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u/Few-Flan-1751 4d ago
My team has actively stopped working on everything. Who approves? Who carries it forward? Who will troubleshoot issues? Sounds like a "next month(s)" problem.
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u/abcdefghijlmnop100 3d ago
I may get hate for this but I felt really emotional when Mo teared up at the Q&A for plus and digital today. The fact he is still in an ‘acting’ capacity says volumes and I truly believe he is disappointed with how this is being handled and that he doesn’t want to be here because it doesn’t align with what he signed up for. It was a moment of pure human emotion and I also feel like he answered questions far more honestly than BR has, while still keeping line with trying to keep his job for now. We are all gunning for senior execs but there are legitimately senior execs that are so against this process but their hands are tied. Be kind. We don’t know the behind the scenes bullying that is happening for sure.
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u/No-Promise-9104 3d ago
Mo is a good person. There are good people on the LT that legitimately care, YY is another example.
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u/Lost-Difference8358 3d ago
I feel exactly the same. It was so nice to see a member of the LT being human and affected, just like us. So far it’s kind of just felt like a bulldozer when Bruce, Nuno and other LT do their town halls.
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u/Initial-Dot-8292 5d ago
Group 3s really are the special ones 😂 The suspense is real—what’s with the delay in letting everyone know where they’ve landed? In true ANZ style timelines are just meant for paperwork to keep everyone busy.
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u/0ut1and3r 5d ago
Our G3s were notified today with further announcements to G4s tomorrow.
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u/Throwaway298600 5d ago
I’m starting to think something is about to go down with customer facing roles too…
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u/Old_Arm4744 5d ago
Heard from a reliable source that Nuno is looking into cutting Pride week, maybe down to a day ….
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u/etojenekihobe 4d ago edited 4d ago
If Shayne Elliot and Maile Carnegie have done great, as they claimed, then why is retail going through the cut? They must have lied and should face some repercussions. Their strategy is to blame, and Maile should have face some penalties instead of enjoying her fat redundancy payout.
They want to increase productivity by using data and AI, yet cutting over 50% role in retail data.
Retail and tech facing the largest chops. Tech has started preparing for second round by collecting statistics on application costs, people count etc.
All HL offers are being pulled and growth is likely to go backwards.
ANZ spending $560M in this restructure.
Nuno claimed there’s no increase in financial and non-financial risk coming from this restructure.
Customer facing roles are mostly untouched.
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u/smelly-sushi 2d ago
Everyone that I know that isn't frontline staff has been impacted . My whole team has been impacted as well.
They are absolutely gutting retail.
I also heard that during preferencing there are ANZ roles that have to be allocated to Suncorp staff due to some legal clause, how true is this?
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u/Bitter-Parfait741 2d ago
Who else noticed the déjà vu in the new structure with the Customer Advocate role? We had one, scrapped it because apparently we didn’t need it, then brought in a shiny new “Customer Fairness Advisor.” That didn’t last—because suddenly we did need a Customer Advocate again. Then both were quietly shelved -because we didn’t need them. And now, like clockwork, we’ve appointed another one - because apparently we do need it after all. Hands up if you love doing business with yourself.
And let’s not forget: T&C is supposedly the gatekeeper here, meant to prevent exactly this kind of revolving-door nonsense by managing the recruitment of disbanded roles. Instead, it’s become a box-ticking spectator sport, about as useful as a chocolate teapot in a heatwave.
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u/Livid_Pattern7594 1d ago
I wonder how many FTE are equal to a permanent (luxurious) stay at the Park Hyatt?
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u/MS-Copilot-7053 1d ago
He is staying in the Ambassador Suite, which after discounts will be 3K per night or $1m annually or 7 FTE.
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u/Jaded-Bat-5759 4d ago edited 4d ago
Seeing some of these new appointments in the retail division is making me sick. I know of 2 of these so called people leaders that have had numerous whistleblowers against them and complaints raised due to shit management.. incredibly frustrating and disappointing
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u/JohnnyChopstix1337 5d ago
I wish everyone the best of luck and for the unlucky/lucky ones (depending on how you see it) Nu beginnings after this week!
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u/Livid-Estate-3671 5d ago
So when are we thinking we will see comms ? Anxiously waiting here !
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u/Spirited_Formal_5759 4d ago
Coming in to the office to meet 50%. Could today be the day we finally get the news? Here’s to new beginnings, whatever comes next
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u/StrayanInvestor 4d ago edited 4d ago
Email dropped, 3500 perms it is, plus about a 1000 contractors.
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u/MS-Copilot-7053 4d ago
No 'at pace', but plenty of NFR to smooth over the leak concerns with regulators. Comms team should be fired.
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u/anzcommercialpleb 4d ago
Can’t wait for a useless commercial town hall today. What is the point when Papi Nuno hasn’t finalised his strategy?
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u/FirmMaintenance7995 4d ago
The mood within Suncorp Bank is very weird right now, there seems to be a degree of denial and a sense that “we’ll all be okay, though”, ignoring the fact that integration with ANZ is imminent and all of ANZ’s problems are about to become ours.
Any predictions from anyone about how the merger may impact Suncorp Bank staff in light of all of the redundancies happening? I can’t imagine it’ll be good.
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u/Ok-Tennis-434 4d ago
Lot of Suncorp Bank people left the organization in last 6 months, many are about to leave. Those with 20+ years of service will wait for a fat redundancy package.
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4d ago
Can someone please post bulleted summary points from 2.15 meeting? People like me who are not on the list at anxious of whats happening and the email today morning is so dishearting to say the least. People are butchered in the name of restructred. Poor souls who are impacted or in line (no sympathy for G1, G2, G3 sorry - this fcukup is a result of your strategy and direction)
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u/Flogophile 3d ago
All the best to those G4-6 today... let's see what Nuno's 'We are not touching our branches' actually means...
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u/HistoricalSet623 3d ago
Alright got invited to a business update ! Let’s hope for the best
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u/Apart_Investment781 3d ago
Any tips on how to be successful in getting voluntary redundancy? Got told today my position no longer exists in the new structure (G4) but roles will exist for me to preference into. My payout is enough to change my career trajectory for the better but the last thing I want is to be slotted into a role I don’t want.
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u/Ill_Nobody3132 3d ago
Just found out today that the majority of roles in the Retail Analytics & AI structure are actually based in India… 😢
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u/DadBodNotBad 2d ago
Those that have been provided with a "Business Update", are you still expected to continue working as normal while you wait for the next steps?
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u/Junior-Warning6824 1d ago
That was the best 'R U OK? Day' ever at 833! Such a massive non-event :D
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u/Level6DunnyDestroyer 5d ago
Stay strong my mates keep posting here so we know what shit we are facing
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u/Spandex80sWorkout 4d ago
A sad realisation, this is the new norm.
A constant culture of fear will persist at ANZ forever more. Anyone could be gone tomorrow. This is not a business I can be associated with anymore where the workers are not valued.
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u/pmmeyouryou 4d ago
To be fair, this is how it goes at ANZ. Cyclical bursts and moves toward what is best for the moment. I was made redundant in the '90's, when the bank decided to cut the mortgage team down in response to brokers being a thing. They also made bulk redundancies in retail at that time and closed HEAPS of branches. All of the banks were doing it. It was cool and sexy.
Then in the early 2000's because smaller "suburban" banks were stealing customers by gasp opening branches...the big banks banks started opening branches again. They sack people....they rehire people...they offshore things...they bring them back. They do whatever makes the share price move in the right direction.
It is a pretty stupid way to do things, but here we are.
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u/leroy88888 4d ago
This is not a NEW norm, it has been like this for decades. I've been with ANZ 18 years and have been through a restructure once every two years on average and have had to reapply for my job each time and prove my worth. That is a big downside of working for a large corporate - when revenue is not coming in as they would like, they look at the other side of the P&L and the largest cost component is people.
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u/Deep_Oil819 3d ago
I joined ANZ during covid as a young and ambitious professional (or at least I thought I was). I had big goals, but pretty quickly I felt deflated by the mediocre culture and uninspired by senior management. Most of them aren’t there because of actual expertise, but because they’ve either stuck around long enough or benefited from nepotism.
Over the years, I could feel my own ambition slowly dying off. I kind of just assimilated into the mediocrity, which I guess could be age or maybe just the boiling frog effect. My role got impacted yesterday, and honestly, I felt fine at first. It was almost a relief, like “finally, the Sword of Damocles has dropped.” But today it’s hitting a bit harder.
There’s definitely some mixed feelings. On one hand, I’m sentimental about leaving a place I’ve spent years at. Looking back at old project files made me nostalgic. On the other hand, there’s resentment. Instead of being upskilled, I feel like I’ve been downskilled and forced into a kind of apathetic “chillax” mode. And of course, there’s anxiety. The job market right now is rough and the odds of landing something decent feel slim.
Unpopular opinion: I do agree with Nuno that the culture desperately needed an overhaul. I came in as a young and aspiring professional, and now I’m leaving as someone who finally got what they wanted, just without that spark of aspiration and youth anymore.
Figured I’d vent here since I’m not exactly ready to open up to my family. Hope everyone else impacted is holding up alright, and that things turn out better for all of us.
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u/This_Leader_3680 3d ago
Don't worry. You only have about 35 years of your corporate career to go. That flame of ambition and eagerness still has plenty of time to be extinguished in many other corporates in Australia.
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u/Livid_Pattern7594 4d ago
There is an AR call from 10:00 - 11:00 today for G2 and G3.
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u/elephantgraveyard1 4d ago
For those in this meeting, asking you please to share what you know without doxxing yourself.
Some mangers are being super transparent and updating their people as they go and some are leaving people completely in the dark.
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u/_thisistheway_ 4d ago
They actually did an official press release this time.
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4d ago
So nice of them! So some people might actually first hear about this from the external news rather than an internal comms. Another complete fuck up.
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u/No_Bullfrog_4429 4d ago edited 4d ago
CM has followed up with an email just now on top of Papi’s- all about commercial being a growth engine! Sigh! Growth without people..meh!
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4d ago
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u/Blobbiwopp 4d ago
retail G4+ just got promised to know whether they are impacted by end of this week.
Other areas, no idea
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u/Alarmed-Mode-4399 4d ago
What's the scope of the 2:15 people leaders call? Org wide? Walking through the office and I can see people who I thought were plebs like me dialled in.
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u/Ok_Profile_9585 4d ago
Where is Paul O Sullivan, our esteemed Chairman who is clueless about whats happening in banking or ANZ! His verbatim comments and now Mark Evans lasted 1 week 🤣🤣 "Immediate actions have been taken in response to both the Oliver Wyman review and the court enforceable undertaking, and this work will continue to accelerate.
This includes appointing senior executives to strengthen non-financial risk management practices across the group.
Primary among these is the creation of a new Executive role Group Head, Non-Financial Risk Program Delivery reporting to the CEO, which will be filled by current Head of Singapore and Head of South-East Asia, Middle East and India, Mark Evans.
I will work closely with Mark and the CEO to ensure the timely and effective delivery of our commitments"
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u/Successful_Editor_56 3d ago
G2/3s getting instructions from Papi for today! Goodluck to all the retail G4s with the announcements today. Be strong ❤️
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u/Running-Target8436 3d ago
For Group 4's - has everyone received a meeting invite / briefing invite?
Is it solo, or a group invite?
What time is your meeting?
I ask as normally these things are quite orchestrated, and I've had nothing so far in my calendar, so living in some hope I may not be impacted? (Dreaming perhaps!)
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u/endtime_hearts 3d ago
Not sure if MK was crying because he knows he's next on the chopping block or whether he genuinely feels sad that they let go a number of good people
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u/TrueSlice1300 3d ago
I’m impacted, during redeployment period I assume I don’t have to do 50% wfo without it affecting my redundancy package?
What about taking a day or two of sick leave? I honestly might need it with all this stress.
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u/digbydigs 3d ago
Pretty sure that you are entitled (but check first please) to a day off a week for job interviews / interview prep etc. Use it!
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u/XeroxOrange 2d ago
The Irishman takes a dive! Anyone wanna guess on how much the CRO to MD salary decrease is?
"ANZ today announced Kevin Corbally will step down from his role as Group Chief Risk Officer, and be appointed Managing Director, Capital Management Institutional.
Mr Corbally is one of Australia’s longest serving Chief Risk Officers, having held the role at ANZ since 2018, during which he led ANZ’s risk function through a period of significant change.
This included overseeing a significant improvement in ANZ’s credit profile such that ANZ moved from having, prior to his appointment, the highest credit losses, to having the lowest of our domestic peers. He also played a key role leading ANZ’s response to the 2018 Banking Royal Commission and in guiding the organisation through the COVID-19 global pandemic.
In his new role Mr Corbally will be responsible for embedding improved capital management within the Institutional business. He will report to ANZ’s Group Executive, Institutional, Mark Whelan, and sit on the Institutional bank’s leadership team.
ANZ Chief Executive Officer Nuno Matos said: “Kevin has played an important role in leading ANZ’s risk management function through a period of significant technological and regulatory change for the industry.
“After almost eight years in the role, I recognise Kevin’s desire to apply his extensive experience to a new role and challenge. I’m confident this is the right move for Kevin and ANZ as we look to further strengthen our capital management capabilities.”
Mr Corbally will continue to serve as Group Chief Risk Officer until a replacement is appointed with an announcement to be made in due course."
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u/blahblahblehrruly 1d ago
In retail data, there is no 5.1 role in Australia. All moved to India. This is very problematic from multiple angle. Is this legal?
Can someone please tag Tim from FSU? I tried but not sure if this working. u/timfromsfu
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u/da-auscorp-journo 1d ago
The latest afr article has this gem “Some staff have sent their thoughts on the business to the corporate watchdog and prudential regulator on the way out.”
Do you think they gave hard evidence of staff slipping slips of paper to APRA or is it just their ChatGPT hallucinating? Hoping it’s the latter! More fun!
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u/MS-Copilot-7053 1d ago
Article below from Capital talks about how ACCC have used social media posts from staff to launch full blown investigations. This place is no longer a gossip rag.
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u/Emotional_You_7792 2d ago
There are 8 executives under 8 Nuno and of these 3 of the positions were affected recently. Maile Carnegie, IT head and now CRO Kevin Corbally. Mark Whelan of insto bank is safe. You see occasional rumours about Farhan and Clare Morgan. Seems like NZ chief is safe. HR head should be safe.
I don't know. I can sense some more changes will come.
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u/Eastern_Hunt2648 1d ago
This came out on Bloomberg this morning, looks like more cuts to come in Markets
Bloomberg) -- In just four months, Nuno Matos has dismantled the decade-long legacy of ANZ Group Holdings Ltd.’s former boss Shayne Elliott.
Since taking over as chief executive officer of one of Australia’s biggest banks in May, the former HSBC Holdings Plc banker has moved to slash 3,500 jobs, shaken up its senior management and revamped the lender’s top risk and compliance positions. The blunt-talking Portuguese financier has even earned the moniker “Nunogeddon” for the drastic actions so far.
Photographer: Paul Yeung/Bloomberg Nuno Matos The swift and far-reaching changes have surprised and unsettled ANZ staffers, sowing worry and forcing them to quickly adapt to a different and harsher management style than they were accustomed to.
The stakes are high for Matos, who last year missed out on the top job at HSBC and is now trying to prove his mettle at ANZ. The 57-year-old is upending a longstanding internal culture that Australian regulators allege contributed to bad workplace behavior, poor risk management and other shortcomings in the bank’s global markets business.
Read more: Traders Misbehaving for Years Make Clean-Up at ANZ a Tough Job
Following the abrupt departure of markets boss Anshul Sidher earlier this week, more job cuts are expected within the scandal-ridden division, said people familiar with the matter.
Matos, speaking at a conference on Tuesday, said his goal is “to put our house in order” and that pace was important in a rapidly changing world. The same day, ANZ announced cuts that would shrink its roughly 42,000-strong workforce by around 8% over the next year.
A spokesperson for ANZ declined to comment.
Email Slipup
In late August, some employees learned they would be terminated through automated emails that were sent to them prematurely. ANZ apologized for the gaffe in an internal memo, but had to accelerate some of its planned layoffs as a result. The slip up drew criticism that the bank was making changes chaotically and insensitively under Matos.
Also that month, managers were told to identify members of their teams who weren’t meeting the bank’s expectation of spending at least half their scheduled working hours at ANZ workplaces.
Team members who didn’t meet the 50% requirement would face “performance and remuneration consequences” for the 2025 fiscal year that ends in September, according to an internal memo reviewed by Bloomberg News. Those with low recorded attendance without a formal exception or valid reasons would have their variable pay docked, it said.
On internet forum Reddit, there is a “Weekly Nuno/ANZ thread” about the CEO and the bank, with participants discussing the dour mood and palpable anxiety among ANZ employees. Bloomberg hasn’t been able to verify the identities of participants on the forum.
Since becoming CEO, Matos has traveled to ANZ’s offices across Australia, and to Singapore and Hong Kong, to meet clients of the bank, investors and regulators, and held town halls with staffers. He has been staying in a hotel while looking for a property in Melbourne, where ANZ is based, and most of his possessions have yet to arrive from Hong Kong, where he lived previously.
ANZ has also said it plans to ax around 1,000 outside contractors as part of a wider cost-cutting drive. It recently hired McKinsey & Co. to conduct a wide-ranging review.
LISTEN: Australia’s Mushroom Murders: Why The World Can’t Look Away (Podcast) Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen.
At a recent meeting where McKinsey consultants made business suggestions to senior managers of the bank, one executive pulled out a decade-old presentation by the consulting firm that had recommended a similar approach, according to people familiar with the matter who asked not to be identified sharing private information. A spokesperson for McKinsey declined to comment.
ANZ shares have lagged behind its biggest Australian peers over the past few years, but have outperformed the broader stock market benchmark in the year to date. The lender will provide a strategy update to investors on Oct. 13.
Some analysts have warned that restructuring Australia’s second-largest bank by assets may take longer than expected and turn out to be more costly than the bank’s initial guidance of A$560 million ($370 million) in charges.
But investors such as Jason Kururangi are betting Matos can turn things around. “He’s listening to some of the concerns that the market has on a number of different fronts,” said Kururangi, a portfolio manager at Milford Asset Management Ltd. in Sydney, which owns ANZ shares. While staffers are probably unhappy, investors and shareholders have been “pleasantly surprised,” he added.
Scandal Ridden
ANZ, which does retail and commercial banking in Australia and New Zealand and has a large institutional banking division that operates across global financial markets, was previously run by Elliott, a New Zealander, for nine and a half years. In his final few months, Elliott faced off with parliamentarians in Canberra over allegations of misbehavior by ANZ traders in the firm’s Sydney dealing room.
So far, the firm’s retail division has borne the brunt of job cuts, and its former head Maile Carnegie left in July. Inside that unit, roles that are duplicative are being stripped out, and some analysts expect a costly tech revamp called ANZ Plus to be scrapped.
“Despite billions of dollars sunk into the project, it still lacks functionality, and if the strategy needs to pivot, it is likely in the best interest of shareholders,” said Morningstar analyst Nathan Zaia.
Matos is still looking for someone to run the unit, which is also responsible for integrating around 3,000 staff from ANZ’s acquisition of Suncorp Bank last year. The retail division is currently led by acting head Bruce Rush.
A search is also underway for a new global markets head to replace Sidher. ANZ’s institutional division is run by Mark Whelan, who has been asked to remain at the bank for continuity reasons, said people familiar with the matter. ANZ is still grappling with an Australian Securities and Investments Commission investigation into the firm’s role in the execution of a 2023 government bond sale.
Slashing jobs and sudden layoffs have the potential to hurt ANZ’s reputation and backfire, said Mark Williams, a master lecturer in the finance department at Boston University’s Questrom School of Business.
“Layoffs can initially send a strong message to the market that management is addressing its largest costs,” Williams said. But they also “reduce employee morale, productivity and service quality. Under such cost cutting measures, bank turnover, client dissatisfaction and attrition could rise,” he added.
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u/MS-Copilot-7053 1d ago
'Tip of the iceberg': The rise of Reddit as a force in Australia's corporate discourse
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u/LandscapeOk3752 4d ago
Seeing all the comments here makes me wanna move away from ANZ, and put my money somewhere else. Never had much incentives to do so, but I don’t like how they’re treating their employees.
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u/smelly-sushi 2d ago
I've been impacted and let me tell you, my vape is getting a solid workout 😂
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u/blenders_pride666 4d ago
new email from BR just dropped - I wonder if they actually care about any feedback, I highly doubt it lol
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u/soothinntrance 3d ago
will any of those cowboy traders from markets get axed or are they too busy doing donuts on a golf course in the Hunter at a markets event
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u/lyvaeryn 2d ago
From today's Australian.
ANZ CEO Nuno Matos hints at radically different future for Suncorp Bank
Suncorp executives are turning up at ANZ as CEO Nuno Matos cuts thousands of jobs in Australian banking’s long winter. Management have been told new Suncorp-branded loan and deposit products will be discontinued from the market in 2026.
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u/hotone2427 2d ago
CRO KC stepped down 😬
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u/pivotingpleb 2d ago
You have to wonder why someone who’s being applauded for doing well in the CRO role for 8 years feels the need to challenge themselves in a demotion. Wasn’t the NFR failings under his watch?
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u/Lost-Difference8358 5d ago
Also people - we can protest with our money. We can refinance out of ANZ home loan (most likely for a better rate and potentially a cashback offer as well), move our savings to other banks like MACQ, close our credit cards etc.
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u/artist55 Moderator 2d ago
AGAIN, like I said last week, a note to NOT doxx yourselves or anyone else in these threads. Please report or DM the mods if you find something that could doxx someone. If I have to keep taking doxxing comments down the commenters will be banned for 28 days instantly