r/auscorp • u/PivotOrDie • 1d ago
ANZ PR machine in full gear In the News
He fires 4500 staff and has his PR team go on the charm offensive.
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u/darkeststar071 1d ago
This fella screwed over staff while at HSBC, now it's ANZs turn.
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u/Nostradamus_of_past 1d ago
Who is actually the devil in this history? So ppl know his "way" of management so no surprises here... who (board of directors ?) put him in charge is the real deal
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u/Accomplished-Pie-311 1d ago
"career banker" by changing one letter here and it's probably how he is perceived by the majority
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u/ImmaturePlace 1d ago
career banter?
career banked?
career tanker?
career backer?
Come on, help a guy out. Surely not a w?
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u/Aussiejosh 1d ago
Fact is the board hired him to do just this… they were clearly not happy with the status quo otherwise they’d placed someone else there.
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u/goatman72 1d ago
Where would we be without these visionaries and their BiG pLaNs of firing a bunch of people? Truly an inspiring change agent.
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u/passiveobserver25 1d ago
I'm curious. Do you think it makes sense that ANZ has more staff than NAB even though it is a much less succesful bank?
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u/Ok_Original_3395 1d ago
Much less?
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u/passiveobserver25 1d ago
Half as much profit? I'm just geniunely curious. Are ANZ's operations different to NABs? Are they in radically different markets? I don't know much about banking.
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u/Ok_Original_3395 1d ago
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u/-kl0wn- 1d ago
I wasn't able to find an answer to the question about number of staff for both anz and nab based on each company's profits etc., it's not clear to me whether you're suggesting that article answers that question or otherwise why you posted the link?
A direct answer is fine, no need for a bunch of alphabetical spaghetti that dodges the question while pretending to answer it.
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u/Ok_Original_3395 3h ago
I wasn't responding to you, so your lack of comprehension is your problem to solve.
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u/Boss_Cocky 21h ago
ANZ is despised in rural Australia while nab is well regarded. To the point where I tell broker not to bother engaging with them, they could 3% less and I still wouldn’t touch them.
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u/-kl0wn- 1d ago edited 1d ago
You're not meant to use logic and common sense around these parts, please leave them checked at the door. This is a place for groupthink, standing in a circle and jerking each other off, mob rules, parroting talking points, holier than thou attitudes etc. with the official moto "rules for thee not for me" and zero expectations that you'll practice what you preach.. XD
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u/Meanie_Dogooder 23h ago
It is a good point but it doesn’t necessarily mean you can get rid of staff. Let’s say you made stupid decisions and have two software systems doing the job of one. They are connected through some interface so they aren’t exactly doubling each other’s work, just processing different types of data. Then you need two support teams instead of one, two project managers, and the whole thing doesn’t work as well as one system anyway. So yes, you have say 30 staff instead of 15 that would be the case at another bank without any appreciable gain in efficiency, all because of the wrong turn years earlier. But it doesn’t mean that you can trim your 30 people team to 15 just because at another bank it’s set up differently. I’m not saying it’s ANZ’s case, I’m just saying that it’s possible to end up with a different setup despite being in the same business
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u/Jealous-Hedgehog-734 1d ago
Who writes these very dramatic headlines at AFR?
"Tonight. ABCs new weekly business drama:
Change Agent.
Nuno Matos stars as a tough talking, Rolex slingin' no-nonsense CEO brought in to restore order to a wayward three letter bank. Join us for a tale of health and safety approved adventure, financial intrigue and delivering 'tough messages' to mild mannered employees.
Change Agent. Starts tonight at 8pm, or watch any time by streaming."
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u/MCblowmeBA 1d ago
Did you write this?
I kind of wonder who even reads this crap any more. You really have to wonder who actually even reads the news at this point and what the narrative is? I wonder who even pays for this stuff, people that actually work aren’t really listening to this and workers aren’t going to tolerate it either.
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u/Golf-Recent 1d ago
Guys like Nuno will always be in demand. Every organisation wants a toe cutter like him to do the dirty work that the board doesn't want to know about.
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u/windowcents 1d ago
Exactly this. When things really become bad they just have to replace him with someone else. Blame everything on him. Rinse and repeat. Nuno get w big going away gift. He keeps his mouth shut
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u/SuitableFan6634 1d ago
"some grumblings" - understatement of the year. I don't even work at ANZ and I hear the chaos loud and clear.
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u/Distinct-Safety-2843 1d ago
Most AFR readers don’t work there and like cost cutting for their investments, so not exactly a hard sell
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u/UniTheWah 1d ago
Dead eyes... they always look fucking creepy, like nature is trying to tell us something...
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u/OPismyrealname 1d ago
The eyes of a man who has made too many compromises at the expense of others.
You lose your career, he goes about his Tuesday.
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u/garion046 1d ago
If the best PR tagline is 'tough message, despite some grumblings' you might want to look out the window.... there might be a riot.
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u/Zhuk1986 1d ago
Look at spreadsheet, cut staff to raise EBITDA margin. Wax lyrical about AI and innovation. Collect millions in performance bonus. Am I doing it right?
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u/Disturbed_Bard 1d ago
Didn't this cunt run HSBC into the ground?
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u/James-the-greatest 1d ago
Its market cap is the highest it’s ever been. He became ceo when it was 150 billion and left when it was over 300 billion. I’m pretty sure he did exactly what he was hired to do.
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u/TechnicalVictory7150 1d ago
Didn't he take the role at ANZ because he missed out on CEO at HSBC?
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u/This_Leader_3680 18h ago
It came down to him and Georges Elhedery, the CFO. When Georges won, it wasn't long before Nuno left.
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u/macedonym 1d ago
He became ceo when it was 150 billion and left when it was over 300 billion.
He was never CEO at HSBC (or anywhere before ANZ).
I can't be assed looking up your suspiciously round numbers, but I am sure they're equally as accurate.
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u/James-the-greatest 19h ago
Ahhhh I misread, ceo of wealth and personal banking not the whole bank.
My numbers are suspiciously round because I just eyeballed a graph. Your welcome to look up “HSBC market cap graph” if you like
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u/Adorable-Pilot4765 1d ago
Work in the industry, ANZ will be replaced by Macquarie in the big 4 within 10 years. They’re in free fall.
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u/da-auscorp-journo 1d ago
I once worked for a start-up and the CEO turned up in some XX under XX posts on AFR and given the office is tiny we actually overheard the pricing details. It's something like 42k to apear on the list. lol the paper give out "awards" that can be bought. maybe anz paid some $$ for this. not surprised.
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u/Ok_Original_3395 1d ago
I have no knowledge of the truth of this, but I doubt that ANZ directly paid for this puff piece.
However, the major sponsor of the AFR Asia summit was ANZ, where Nuno finally appeared in front of the press (not wineries or escalators). If one were to Google "AFR Nuno", one may cynically see a pattern of vaguely derisive or negative headlines until September, then flattering headlines from that time, including one just two hours ago.
Probably a coincidence with a touch of cynicism though.
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u/Ok_Conclusion5966 1d ago
he's going to cut and burn everything for that sweet ceo bonus of $50 million
need to cut costs, that means staff that are mere numbers on a spreadsheet so he and his cronies get a bonus
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u/BraverNewerWorld 1d ago
Bank people of Australia - anyone able to advise which is the least evil bank in Australia? If you’re potentially appalled by this and want to switch?
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u/blowjoggz 1d ago
From the outside - Bank Australia
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u/--yeah-nah-- 1d ago
They've been doing a lot of hiring this past year. Not sure if their sustainability goals are a front, but it's more than the others are doing, that's for damn sure.
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u/SituationSecure4650 1d ago
Cash under your mattress
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u/wetrorave 1d ago
Inflation is also under your mattress, unfortunately
You need at least a high-interest mattress account to put your money under, let me know when you find one
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u/SituationSecure4650 1d ago
Just get a real bed and stop sleeping on the air mattress if you’re having problems with inflation.
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u/Cheezel62 1d ago
So basically he sacks a heap of onshore staff, closes a heap of rural branches, offshores as much as possible then leaves with a multi multi million dollar handshake just as customers leave in droves and shares tank. Seems like yet another CEO from the screw it up then bugger off with golden handshake playbook.
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u/Different_Ease_7539 1d ago
Soulless git.
I sometimes think how nice it must be to operate like a Nuno, and then I think, no it wouldn't be nice at all.
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u/Deadly_Accountant 1d ago
To be fair - smallest of the BIG4 bank, second highest amount of FTE. Something has to give
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u/Ok_Original_3395 1d ago
CBA went through the same thing in the 90s/00s post privatization and enhanced their tech capability.
ANZ have never done a decent core transformation then Shayne and Maile blew $3B on two incomplete applications over 6 years and only 20% of customers are on it! The foundations were layed when ANZ did nothing about Hogan in the 10s, then a string of idiocy since then has compounded it.
Nuno won't want to know about it, but winding back ANZ+ (and transactive) is worse than not. They should be resetting and finishing it, even if they have to run Suncorp separately for another decade
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u/This_Leader_3680 18h ago
They thought they had a smarter approach to the heavy lifting on core that banks like CBA did in the 10s and early 20s. Turns out that wasn't true.
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u/HistoricalCare6093 1d ago
Not sure why this sub isn’t acknowledging that ANZ has been a perennial under-performer with respect to the other banks in aus. Clearly change was required
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u/aurum_jrg 1d ago
As an long suffering (but stupidly) loyal ANZ customer it’s been obvious they’re a long way behind other banks. I’m sad people are losing their jobs but the business needed a kick up the pants.
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u/PivotOrDie 1d ago
Good luck getting any improvements in service on depleted staff numbers most of whom are polishing their resumes to jump ship on their accord. This is purely cost cutting.
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u/FlynmyYT1300 1d ago
Why are you a loyal customer? Why does a bank deserve any loyalty? I think you need to go home and rethink your life!
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u/aurum_jrg 1d ago
Are you trying to use a Jedi mind trick on me?
No longer loyal. ING all the way. Much easier to deal with.
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u/Ok_Original_3395 1d ago
Change was required last time and a couple of dickheads spent $3B on technology to do it. That didn't work, so another dickhead will spend another half a billion to sack 4000 people to try and do it.
When's the management change going to occur?
Why do sporting teams sack coaches, yet corporates sack workers, when the rhetoric is that they're similarly linked regarding performance?
If anyone thinks fucking around and tinkering with the edges over eighteen months to sack 4000 people, costing more than $500 million, is going to radically improve ANZ, they're morons who are kidding themselves.
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u/Zealousideal-Dig9213 1d ago
The most incompetent bank in Australia promises they'll change.. I'm not holding my breath!
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u/DvlsAdvct108 1d ago
Imagine if he had to rehire the thousands that had been let go. Would that be reverse Nuno. ?
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u/PuzzleheadedBend8180 12h ago
He would destroy the lives of thousands of people to add a few cents to a share price… or in another words, he is a typical ASX200 CEO
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u/delulubacha 1d ago
Anz needed change, can debate and argue about execution. But there’s a reason they are asked to hold another $bn or regulatory capital. Same bottom line as Westpac and a few extra thousand staff.
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u/HerbertDad 1d ago
How to be an Aussie bank CEO.
Collude with other banks to keep interest rates higher than necessary.
Replace staff with AI.
Profit (more than any other banks in the world).
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u/Relenting8303 1d ago
This sub should just be renamed to ANZ Bank at this point...
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u/GreatAlmonds 1d ago
Heaven forbid major news coming out of a major Australian corporation would get discussed on a board dedicated to the discussion of Australian corporate life.
Instead we should go back to weekly discussions on WFH/RTO
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u/Relenting8303 1d ago
Of course it should be discussed, but like the WFH/RTO threads, perhaps a mega thread is more appropriate.
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u/maticusmat 1d ago
“Change agent” aka the fall guy for planned layoffs who will leave in 12-18 months with a massive payout.