KUALA LUMPUR, Dec 16 (Bernama) -- Bursa Malaysia extended its positive performance, closing higher for a fourth consecutive session, supported by improving local market sentiment underpinned by a firm domestic macroeconomic backdrop. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.59 points, or 0.28 per cent, to 1,648.31, from Monday’s close of 1,643.72. The index had opened 0.95 of a point lower at 1,642.77, and moved between 1,636.50 and 1,648.71 throughout the trading session However, on the broader market, decliners beat gainers 699 versus 408. A further 520 counters were unchanged, 1,149 untraded and 12 suspended. Turnover rose to 2.59 billion units worth RM2.27 billion from 2.50 billion units worth RM2.16 billion on Monday.
Key Takeaway: ANZ Group Holdings Ltd will slash about 3,500 jobs by September 2026 as part of CEO Nuno Matos’ restructuring drive, aimed at restoring regulatory trust, improving culture, and tightening risk management.
Workforce Reduction
Job cuts: ~3,500 employees, equal to 8% of ANZ’s 42,000 staff
Contractors: Around 1,000 consultants and third-party roles to be reduced
Restructuring charge: Estimated at A$560 million (US$369 million / RM1.56 billion) before tax, booked in H2 2025
The first wave of cuts has already started, targeting middle- and back-office roles in ANZ’s institutional banking division.
CEO’s Strategy
Matos, who took over in May 2025 from Shayne Elliott, is moving quickly to revamp the bank:
Cultural reset: Focus on stopping non-priority work and improving risk management.
Leadership changes: Senior exits include ex-retail chief Maile Carnegie and tech head Gerard Florian. Les Vance joined last week to oversee non-financial risk and culture.
Structural reforms: Creation of separate chief risk officer roles for retail, commercial, and institutional divisions, all reporting to group risk head Kevin Corbally.
“Our ambition is to put our house in order,” Matos said in his first major public appearance in Sydney. “I hate to do this, but it is for the future of the company.”
Market and Union Response
Share performance: ANZ shares fell 0.6% on Tuesday but remain up 15% year-to-date, outperforming the Australian banking index.
- Union backlash: Finance Sector Union president Wendy Streets criticised the move, saying:“ANZ is betraying 3,500 workers in one of the world’s most profitable banking sectors, cutting jobs simply to chase even bigger profits.”
Regulatory Pressure
ANZ has been under scrutiny after a string of risk management shortcomings:
The banking regulator imposed additional capital requirements.
The ASIC is investigating ANZ’s role in a government bond sale.
Matos, a former HSBC executive known for corporate turnarounds, has been tasked with repairing relationships with regulators and strengthening governance.
Outlook
Matos pledged to make ANZ “the best bank for our customers” while ensuring long-term sustainable performance. But the cuts underscore the tough choices he faces balancing profitability, regulatory compliance, and stakeholder trust.
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