KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Key Takeaways
• ANZ has started reducing headcount in its institutional banking division, targeting middle- and back-office roles.
• CEO Nuno Matos is driving a turnaround plan focused on eliminating duplication, improving culture, and tightening risk management.
• The exact number of job cuts is unclear; details expected at ANZ’s strategy day in October.
• Regulatory pressure remains elevated, with watchdogs scrutinising the bank’s bond trading and risk practices.
Restructuring Moves
Job cuts began Tuesday, focusing on middle- and back-office roles within institutional banking.
Matos flagged in August that his priorities include role rationalisation, culture, and risk improvements.
Planned layoffs in retail were accelerated last week after internal communication errors caused confusion.
Regulatory Oversight
The institutional unit, led by Mark Whelan, is under investigation by securities regulators over government bond trading.
McKinsey & Co is conducting a firm-wide review after the banking regulator imposed additional capital requirements earlier this year.
ANZ is reshaping risk oversight by appointing separate chief risk officers for retail, commercial, and institutional divisions, all reporting to group CRO Kevin Corbally.
Leadership Changes
Les Vance joined this week to oversee non-financial risk management and culture, reporting directly to CEO Matos.
ANZ said the changes “reflect the priority we are placing on improving non-financial risk management practices” and addressing APRA’s concerns.
Investor View
The restructuring underscores ANZ’s urgency in meeting regulatory demands and improving governance under Matos. While headcount cuts signal cost discipline, investor attention will be on October’s strategy day for clarity on restructuring scale, financial impact, and the bank’s ability to restore confidence in risk management.
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