ANZ CEO Nuno Matos plans massive job cuts following board appointment
Portuguese banker Nuno Matos has been selected to replace Shayne Elliott as chief of ANZ Bank, with a background including the cancellation of 3,500 roles prior to taking the helm in September 2026.
Board members voted to appoint Portuguese-born banker Nuno Matos as the new chief executive of ANZ Bank on Tuesday. He will replace former leader Shayne Elliott starting this week. Matos previously served as a senior official at HSBC, where he was considered for top leadership but remained unselected. The current banking organization operates primarily in Australia and New Zealand, alongside an institutional segment serving corporations and governments in Asia. Matos stated the bank possesses significant scale within these developed economies and noted substantial potential remains if managed effectively. He emphasized a strategy requiring rapid execution, precision, and passion to capture that potential. A major part of his current approach involves restructuring efforts that led to the elimination of 3,500 positions during the recent period before he assumed control. Matos described his initial engagement with staff in late December 2024 as emotionally charged. He expressed a desire for his future team to join on an immediate basis. Thousands of existing employees and contractors have already experienced the end of their festive seasons due to these reductions.
