Latest news with #ANZ
The Australian
11 hours ago
- Business
- The Australian
Ex-HSBC banker's Nuno Matos revolution has just begun at ANZ
New ANZ CEO Nuno Matos plans to move quickly to overhaul the bank. Picture: Arsineh Houspian Carnegie's exit is unsurprising, and will be the first of several expected to leave ANZ in coming months with Matos, a former top HSBC banker, determined to lift the perennial number four bank. Other areas in Portuguese banker Matos' sights that can expect change will be risk management, institutional banking and technology. Those who have worked with Matos in previous roles say the global bank executive has a reputation for moving quick and will leave no doubt he is now calling the shots. Maile Carnegie will leave the bank at the end of this month. Management upheaval is always expected to follow with the appointment of an outside boss like Matos. But ANZ's reputational hits of the past year and relative underperformance gives Matos even more of a mandate for change. A former Google Australia boss, Carnegie has been with ANZ since 2016, initially she was recruited in the newly created role of digital banking before former boss Shayne Elliott made a captain's call. He promoted her to run retail banking: a critical business in 2022 that generates earnings of more than $1.4bn annually. Carnegie was certainly an unorthodox hire by Elliott, but it was a recognition that ANZ badly needed to boost its digital credentials, with it lagging behind the likes of Commonwealth Bank. Over her time Carnegie had full oversight of the long-promised ANZ Plus tech overhaul, a program years late – indeed it won't be ready until nearly 2028, and was recently revealed by Elliott to have cost a stunning $2.5bn – although that included building second business-focused platform Transactive. Carnegie's initial ANZ business became the genesis of the ambitious new ANZ Plus banking platform. This is an entire new tech system that promises to lower costs, but customers will know about it through a banking app that promises to do everything online. Still, her promotion three years ago was a big call by Elliott. Carnegie's background before Google was in marketing and product, with senior roles at US consumer goods major Procter & Gamble. This, and regional sales at Google, was an entirely different mindset from running a big four bank retailing franchise that at its core manages mortgages and deposits, and it had badly stumbled in the wake of the Covid-19 refinancing boom. ANZ Plus became years late and over budget as the scope kept changing. Picture: Max Mason-Hubers/The Australian At the start of 2022, Carnegie promised ANZ Plus would be available to customers 'soon' as well as the arrival of the mythical 10-minute mortgage. This timeline for the app and mortgages kept being pushed out as the project became ever more complex. To be fair, there has been significant change in the scope of the project, which ultimately became the template for a bank-wide tech transformation. ANZ Plus also became linked up with the $4.9bn Suncorp bank acquisition, changing the parameters yet again. It's also being rolled out in New Zealand. For two years, new ANZ customers were signed on to the platform, where it now has more than one million customers. But existing ANZ customers, representing five million accounts, are still not on ANZ Plus or have access to its features. This won't happen for another three years. Mortgage brokers, who represent the bank's biggest distribution source, are only now being given limited access. Still, it reinforces one of the recurring issues with ANZ under the Elliott era, and this had been around execution. The critical phase in ANZ Plus comes later this year with plans to begin moving an additional one million Suncorp customers onto the platform. Given the high risk that disruption could send those newly-acquired customers packing, Matos is not taking any chances. He's putting in Suncorp Bank chief executive Bruce Rush as ANZ's acting head of retail, overseeing both Suncorp and ANZ. Maile Carnegie with former ANZ CEO Shayne Elliott at the ANZ Plus launch in 2022. Picture: Arsineh Houspian There's a dotted line between Rush and Matos. Both previously worked at Spanish bank Santander. Rush was with Santander UK, the former Abbey National, acquired by Santander in 2004. Matos was part of the Santander integration team. On joining ANZ last month, Matos called out three urgent priorities, and here the retail business was already in his sights. The first was building a clear corporate culture based around 'decisiveness, drive, execution, delivery and performance'. The second was lifting ANZ's Australian business, which was 'not operating at its full potential', he said. Thirdly, Matos was determined to improve the excellence of how ANZ manages risks – including non-financial risks, and this was in recognition of the potentially damaging investigation by regulator ASIC into questionable trading inside the bank's bond desks. Matos will launch a global search for Carnegie's replacement. This means his first appointment will be his most significant. In a statement, Matos said Carnegie informed him last month that she wanted to transition to a non-executive career outside ANZ. 'On behalf of everyone at ANZ, I wish (Carnegie) well with the next phase of her career and thank her for all her efforts,' the new CEO said. The Matos revolution is just beginning. Read related topics: Anz Bank
Economic Times
11 hours ago
- Business
- Economic Times
Rupee hits 3-month low on worries over US role in Middle East conflict
The Indian rupee fell to its weakest level since mid-March on Thursday as risk aversion gripped financial markets, with investors focused on the possibility of U.S. involvement in the Israel-Iran conflict. ADVERTISEMENT The rupee touched a low of 86.8925 on the day before slightly paring losses to close at 86.7225 against the U.S. dollar, down 0.3% on the day. Brent crude oil prices rose to near $77 per barrel after Israel struck a key Iranian nuclear site on Thursday and Iranian missiles hit an Israeli hospital. Risk assets remained under pressure, reflecting investor worries about a broader conflict in the Middle East after U.S. President Donald Trump kept the world guessing about whether the country would join Israel's bombardment of Iranian nuclear sites. ANZ believes the most likely scenario is an extended conflict between Iran and Israel, which would see oil supplies come under direct threat, the firm said in a Thursday note. "The price outcome for this scenario would be the USD75-85/bbl range," while an escalation of the conflict, pegged at 20% probability, could push prices to $90-95 per barrel. ADVERTISEMENT Oil is a major component of India's import bill. A $10 barrel increase in crude can widen the current account deficit by up to 0.4% of GDP, economists estimate. Indian government bond yields rose on Thursday as traders squared off positions, fearing further escalation of geopolitical tensions. The country's benchmark equity index, Nifty 50 , dipped 0.1%. ADVERTISEMENT Meanwhile, mild dollar sales from state-run banks helped the rupee limit its losses, three traders said. The currency has declined little under 1% this week so far. The rupee could find some support near the psychologically important 87 level and is likely to trade with a weakening bias in the near term, a trader at a foreign bank said. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Hindustan Times
12 hours ago
- Business
- Hindustan Times
Gold prices remain steady, platinum highest in 10-year amid Israel-Iran conflict
Gold prices held steady as investors kept an eye on the conflict between Israel and Iran, while platinum scaled its highest level since September 2014 on speculative buying. Spot gold was steady at $3,369.79 an ounce at 0955 GMT. U.S. gold futures fell 0.6% to $3,387.30. "We're not expecting that gold prices will fall back to 3,000 because there are a lot of uncertainties," said ANZ Commodity Strategist Soni Kumari, pointing to whether the U.S. decides to become directly involved in the conflict. Iranian missiles struck an Israeli hospital on Thursday while Israel hit targets across Iran as President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes seeking to destroy Tehran's nuclear facilities. Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but slowed their overall outlook for rate cuts in response to a more challenging economic outlook. However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom. Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment. In other metals, platinum lost 2.5% to $1,288.67, but hit its highest level since September 2014 earlier in the session. Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives. The fundamentals in the platinum market have not changed, whenever a key technical level such as the 1,000 mark is broken, investors and the speculators will start buying, Kumari said. Palladium lost 1% to $1,038.18, while silver fell 1.1% to $36.32 per ounce.
Finextra
12 hours ago
- Business
- Finextra
Maile Carnegie to retire from ANZ
ANZ today announced Maile Carnegie has decided to retire as Group Executive Australia Retail on 1 July 2025 to focus on non-executive roles after a distinguished 33-year executive career. 0 Mrs Carnegie first joined ANZ in 2016 as Group Executive Digital Banking, where she was responsible for improving the digital experience for the bank's customers, along with Group responsibility for Marketing. Since 2022, Mrs Carnegie has led ANZ's Retail business in Australia, which services more than six million customers. ANZ Chief Executive Officer Nuno Matos said: 'Since joining ANZ in 2016, Maile has had a significant impact across payments, marketing, digitisation and most recently leading our retail business in Australia. 'When I joined ANZ last month Maile informed me of her desire to transition to a non-executive career outside the bank. I wish to extend my appreciation for her efforts in supporting my early days as CEO. On behalf of everyone at ANZ, I wish her well with the next phase of her career and thank her for all her efforts.' Current Suncorp Bank CEO Bruce Rush has been appointed Acting Group Executive Australia Retail & Suncorp Bank while a global search is undertaken. Mrs Carnegie will assist with a comprehensive transition through July. Having joined Suncorp Bank in 2010 from Santander UK, Mr Rush is an experienced retail banker who has held senior roles across strategy, deposits, and home lending. He has been CEO of Suncorp Bank since August 2024. Mr Matos added: 'Bruce is an experienced retail banker who has done an outstanding job as CEO of Suncorp Bank. His appointment will also assist with the migration of Suncorp Bank customers to ANZ, while we conduct a global search for the next leader of our retail business in Australia.'
Time of India
13 hours ago
- Business
- Time of India
Rupee hits 3-month low on worries over US role in Middle East conflict
The Indian rupee fell to its weakest level since mid-March on Thursday as risk aversion gripped financial markets, with investors focused on the possibility of U.S. involvement in the Israel-Iran conflict. The rupee touched a low of 86.8925 on the day before slightly paring losses to close at 86.7225 against the U.S. dollar, down 0.3% on the day. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Brent crude oil prices rose to near $77 per barrel after Israel struck a key Iranian nuclear site on Thursday and Iranian missiles hit an Israeli hospital. Risk assets remained under pressure, reflecting investor worries about a broader conflict in the Middle East after U.S. President Donald Trump kept the world guessing about whether the country would join Israel's bombardment of Iranian nuclear sites. ANZ believes the most likely scenario is an extended conflict between Iran and Israel, which would see oil supplies come under direct threat, the firm said in a Thursday note. Live Events "The price outcome for this scenario would be the USD75-85/bbl range," while an escalation of the conflict, pegged at 20% probability, could push prices to $90-95 per barrel. Oil is a major component of India's import bill. A $10 barrel increase in crude can widen the current account deficit by up to 0.4% of GDP, economists estimate. Indian government bond yields rose on Thursday as traders squared off positions, fearing further escalation of geopolitical tensions . The country's benchmark equity index, Nifty 50 , dipped 0.1%. Meanwhile, mild dollar sales from state-run banks helped the rupee limit its losses, three traders said. The currency has declined little under 1% this week so far. The rupee could find some support near the psychologically important 87 level and is likely to trade with a weakening bias in the near term, a trader at a foreign bank said.
