The strategic plan includes achieving A$800 million in pre-tax cost savings for the current financial year. These savings are expected to be realised through a combination of job cuts, restructuring efforts, and the divestment of non-core businesses, such as Cashrewards. Notably, approximately 60% of the recently announced 3,500 job cuts will affect the retail and technology sectors.
In a bid to regain lost market share, ANZ plans to significantly bolster staffing in its mortgage and business banking divisions. This move aims to reduce the bank's reliance on brokers and enhance direct customer engagement.
Addressing recent regulatory issues, ANZ has agreed to a A$125 million penalty for misconduct during a 2023 bond deal, contributing to a broader A$240 million settlement with regulators. This underscores the bank's commitment to compliance and transparency.
Since CEO Nuno Matos assumed leadership in June 2025, ANZ shares have risen nearly 20%, outperforming its major Australian peers. The bank had previously announced a A$2 billion share buyback in May 2024, of which A$1.2 billion had been completed before the recent cancellation.
For Australian consumers and business owners, these developments signal ANZ's proactive approach to adapting its operations and services. The focus on enhancing mortgage and business banking services may lead to more tailored loan options and improved support for borrowers. However, customers should remain vigilant about potential changes in service delivery and stay informed about how these strategic shifts may impact their financial engagements with the bank.
