Shayne Elliott is about to restructure the ANZ Bank, streamlining the workforce, and reducing dependency on mortgage brokers and branches.
The Australian Financial Review reports that Elliott and ANZ chairman David Gonski have sketched out the “boldest restructuring plan” seen in Australian banking history.
“Elliott says ANZ has no choice but to start with a blank sheet of paper and reinvent itself to prepare for a digital world in which banks face the spectre of disintermediation,” the newspaper says.
Financial Review contributor Chris Joye, a portfolio manager of Coolabah Capital Investments and Smarter Money Investments, had an interview with Elliott over lunch in Melbourne.
“Elliott explains that he wants to streamline his workforce, reduce the distribution dependency on mortgage brokers and branches, and rebuild ANZ into a highly productive data and technology-centric company that uses predictive modelling to disrupt larger incumbents via radical, ‘risk-based pricing’,” the article says.
Elliott, who in January 2016 replaced former CEO Mike Smith who was big on building an Asia businesss, has poulled the bank away from retail banking in the region to focus on institutional customers.
The bank also is looking at ways to get out of the wealth management business.
There’s more from the AFR HERE.