ANZ Group will cancel the remaining A$800 million (US$520 million) portion of its share buyback as new CEO Nuno Matos pivots toward conserving cash and resetting the bank’s long-term growth strategy;
also detailed plans for A$800 million in gross cost savings through previously announced job cuts (about 3,500 roles), team restructures, and divestments of non-core assets
ANZ is Australia’s fourth-largest lender, will be paying an A$240 million in penalties after admitting to systemic compliance failures, including “unconscionable” conduct in a government bond transaction.
To boost capital retention, ANZ will apply a 1.5% discount to its next two dividend reinvestment plans, while maintaining a final dividend consistent with its interim payout.
The bank had originally launched a A$2 billion buyback in May 2024 after posting in-line first-half results.
This article was written by Eamonn Sheridan at investinglive.com.
