ANZ kicked off the Australian bank reporting season with a promise to introduce a completely different approach to running the business.
The bank, which has been disposing of its Asian assets, and benefited from lower charges for bad loans, saw profits jump 23 percent in the first half to $3.4 billion Australian dollars.
The result however was below market expectations for a cash profit of $3.5 billion Australian dollars.
Change is Coming
The sometimes maligned chief executive said his intention is now to accelerate transformation through wider implementation of what he called «Scaled Agile» throughout ANZ.
ANZ has based its decision on the shift already made two years ago by Dutch bank ING, which based its restructuring on music streaming business Spotify.
Jobs to Go?
This will mean a completely different approach to running ANZ's business based on a proven model that will allow the bank to respond much faster to changing customer expectations and attract new talent.
Ominously for the employee's the bank also said the change will reduce waste and bureaucracy.
«The reshaping of our business over the past year has delivered strong outcomes for customers and shareholders, and has established a foundation for future growth and better returns,» said Shayne Elliott Chief Executive of ANZ.
Wealth Sale Predictions
The results come as potential suitors are readying offers for the wealth business of ANZ.
The prediction is for offers in the region of 4.5 billion Australian dollars for the sale with a number of Japanese financial services firms apparently battling for pole position.
