A restructure of ANZ Bank's Australian business will leave the division with teams that will look more like start-ups than traditional parts of a large-scale bank.
Speaking with the Melbourne daily newspaper «The Age» an executive running the process, Christian Venter, general manager of technology and digital banking, also indicated the bank expected staff cuts.
The sweeping changes, which were announced earlier this year, are CEO Shayne Elliott's response to make ANZ more flexible in competing with technology-based rivals.
Tribal Move
Venter, said in an interview the «huge» changes would cut how long it took to roll out new products, and make the bank more adaptable to disruptive shifts in technology, markets and regulation.
The changes involve breaking the division into tribes, which are made up of squads of about 10 people. Staff from departments such as sales, risk, legal or technology could all end up working alongside one another, rather than being part of traditional silos.
DNA Changing
The so called - Agile - way of working which Elliott is known to admire, will be applied to areas that currently employ about 2000 staff, and additional contractors. It is expected middle management jobs in particular could be cut.
Signifying a change in the institutions DNA, rather than recruiting from the tradition banking talent reserves, several of ANZ's recent senior hires have come from firms such as Google and eBay.
