Core Viewpoint - ANZ Group investors are supportive of new CEO Nuno Matos' strategy to improve the bank's performance, but are preparing for short-term challenges, including a potential dividend cut [1][5]. Group 1: Strategic Changes - ANZ Group plans to cut 3,500 staff at a one-off cost of A$560 million ($373.24 million) and pay A$240 million in penalties due to systemic failures [2]. - Matos aims to address legacy issues and implement necessary changes without being burdened by past problems [3]. Group 2: Market Performance - ANZ's share price has increased by 5.7% over the past year, significantly lower than its competitors, with Commonwealth Bank of Australia and Westpac seeing increases of 18.1% and National Australia Bank at 12.7% [4]. - Analysts expect further negative announcements during Matos' first strategy day on October 13, which may include a dividend cut [4]. Group 3: Dividend Expectations - There is an expectation that ANZ's 2025 dividend could be reduced by up to 25%, aligning its yield closer to Westpac and NAB at approximately 4.5% [5]. - Analysts suggest that the remaining A$832 million of a A$2 billion share buyback announced in May 2024 may be canceled to conserve cash [6].