ANZ to Halt Stock Buyback as Bank CEO’s Overhaul Ramps Up

ANZ Group Holdings Ltd. will halt share buybacks and focus on cost savings as part of changes aimed at boosting the overhauled Australian lender’s performance.

ANZ said it would reduce duplication across the bank and halt share buybacks worth around A$800 million, according to a statement on Monday. ANZ said it was targeting a return on tangible equity of 12% by full-year 2028. These were some of the changes announced as part of the widely anticipated strategy day.

Five months into the job, Chief Executive Nuno Matos is continuing to overhaul the Melbourne-based bank, which has faced regulatory fines and underperforming share prices in recent years. It aims to make the firm leaner, improve risk management, and has tasked its renewed senior leadership with simplifying the bank.

ANZ’s shares are up more than 20% so far this year, outperforming its domestic rivals.

Matos is expected to answer questions from analysts and investors later this morning, along with Chief Financial Officer Farhan Faruqui. You can join us on our live blog.

ANZ last week appointed new senior leaders to run key positions.

Pedro Rodeia will head up Australian retail operations after coming from McKinsey & Co. Christine Palmer is the new group chief risk officer, coming from Banco Santander SA, while Donald Patra will take on the chief information officer role after arriving from HSBC Holdings Plc. UBS analysts added that the hires were “strong” and viewed them “positively.”

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