ANZ chief executive Nuno Matos is finalising plans to cut as many as 5,000 jobs from the bank’s retail division as part of a broader restructure aimed at slashing its cost base.
Matos, who personally apologised last week after some senior managers were inadvertently fired over email, pledged to implement “a high performance, winning culture” at the lender when he took the reins in May.
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Two sources with direct knowledge of the plans told Capital Brief that this will involve cuts to thousands of jobs from the retail bank, which currently employs around 13,000 people.
Matos has internally pointed to rival NAB, which has around 8,000 employees in its retail division, as a benchmark for ANZ.