ANZ Group Organizational Overhaul

(Reuters) – ANZ Group has unveiled an organisational overhaul aimed at streamlining operations and enhancing data analytics, as stated by the Australian lender on Wednesday. This move seeks to address regulatory issues surrounding its oversight of certain operations.

ANZ, which will report its annual results on November 8, is currently under investigation following media reports indicating that the bank's bond trading department may have overstated its role in a 2023 government bond issuance, potentially costing Australian taxpayers.

As the country's No. 3 lender, ANZ plans to consolidate its operations into a single unit, led by a new executive team overseeing the bank's capability centre, property, and procurement teams.

"Clearer accountabilities for operations will drive consistency and predictability. It will also help capture scale across the Group and improve how we respond to customers and other important stakeholders," said CEO Shayne Elliott in a statement.

The search for a new group operations executive is expected to conclude in the coming months, with the new structure projected to be operational by March 2025.

On Wednesday, ANZ shares ended 1.1% lower at A$31.220.

Additionally, the lender aims to establish a centralised data and analytics unit to refocus on developing data strategy and architecture, as well as implementing artificial intelligence adoption.

AI implementation has enabled banking institutions to detect fraud and automate processes, with many banks already leveraging it for innovation and competitiveness.