ANZ CEO Unleashes ‘Nunogeddon’ on Bankers Alarmed by Job Cuts

Core Viewpoint - Nuno Matos has rapidly transformed ANZ Group Holdings Ltd. since becoming CEO in May, implementing significant job cuts and management changes to address internal issues and improve the bank's performance [1][3][12]. Group 1: Management Changes - Matos has cut 3,500 jobs, representing approximately 8% of ANZ's workforce of around 42,000 [4][12]. - The restructuring includes a shake-up of senior management and key risk and compliance positions [1][4]. - ANZ has also announced plans to eliminate around 1,000 outside contractors as part of a broader cost-cutting initiative [10]. Group 2: Employee Impact - The changes have created a sense of anxiety among staff, who are adjusting to a more stringent management style [2][5]. - Employees faced premature termination notifications via automated emails, leading to criticism of the bank's chaotic approach to layoffs [5]. - A new attendance policy requires employees to spend at least 50% of their scheduled hours at ANZ workplaces, with consequences for those who do not comply [6][7]. Group 3: Strategic Goals - Matos aims to "put our house in order" and emphasizes the importance of pace in a rapidly changing environment [4]. - ANZ is undergoing a review by McKinsey & Co. to identify further improvements [10][11]. - The bank's retail division has been particularly affected by job cuts, with expectations that a costly tech revamp project may be scrapped due to lack of functionality [15]. Group 4: Market Performance - ANZ shares have underperformed compared to its major Australian peers but have outperformed the broader stock market in the current year [12]. - Investors are cautiously optimistic about Matos's leadership, with some expressing confidence in his ability to address market concerns [13]. Group 5: Ongoing Challenges - ANZ is still dealing with an investigation by the Australian Securities and Investments Commission regarding its role in a government bond sale [17]. - The bank's reputation may be at risk due to the aggressive job cuts, which could negatively impact employee morale and service quality [18].