ANZ’s Andrew Géczy, CEO of the bank’s international and institutional banking arms, is leaving the company.
He’ll finish at the end of the month and his replacement will be announced at that time, the bank said today.
The change comes amid some upheaval in the institutional arms of Australia’s major retail banks. Profitability in Australian banks has been squeezed on a range of fronts, ranging from stiffer capital requirements and a crackdown on investment lending to the challenges posed by slowing domestic growth.
Géczy recently missed out on ANZ’s top job when Shayne Elliott was appointed CEO to replace Mike Smith.
Géczy was also head of the global markets division which has been the focus of recent allegations of a toxic culture involving drugs and strip clubs by two former traders. ANZ has stated that his departure was “not related” to that controversy.
The Commonwealth Bank last year laid off staff from its global markets division, and Westpac is reportedly planning a “cost-saving restructure”.
In a statement from ANZ, Géczy said: “It has been a privilege to be part of ANZ’s leadership team over the past two and a half years and the timing is right for me to pursue new opportunities.
“We made significant progress during my time at ANZ. We created a stronger international network based on regional trade and investment corridors. We also improved our risk and control management, built a high performing team and completed our footprint in Asia with
new banking licenses in Thailand and Myanmar,” he said.
Elliott thanked Géczy for his help with the transition to his new role as CEO.