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ANZ has announced a middle management shakeup in Australia to reduce the layers of managers between the CEO Mike Smith and frontline staff.
Newspapers in Australia reported the reorganisation would cost hundreds of middle manager jobs across the bank, which is reorganising along geographic lines.
"Our new structure simplifies ANZ by organising ourselves around our customers and reducing the management layers between me and the staff who serve our customers from up to twelve to around seven," ANZ CEO Mike Smith said.
"This lowers risk by reducing bureaucracy and complexity. It creates greater transparency and accountability within the Group to improve performance for our shareholders and customers. It also establishes a scalable structure that will support ANZ's future growth and expansion," Smith said.
"The new business model responds to the changing landscape for financial services and ANZ's super regional strategy by shifting ANZ away from a collection of standalone product and customer businesses to simpler, larger business structures that are aligned with the geography and customers they serve," he said.
Graham Hodges remains as CEO of ANZ's New Zealand operations in the restructure which is effective from October 1.
The organisation along regional lines appears to leave ANZ National unscathed.
However ANZ said the geographies would be co-ordinated along global lines for retail and commercial customers.
"In addition, global accountabilities have been established for ANZ's two key customer segments Retail and Commercial. This will provide a 'One ANZ' approach to strategy development, technology and operations infrastructure, and to sharing best practice across geographies."
This appears to be more of a matrix type structure where a regionally run setup mashes with a global structure set up along customer lines
- INTEREST.CO.NZ
