Chief executive Nuno Matos is testing the waters for a return to wealth management. But have banks truly learned from their past?
ANZ chief executive Nuno Matos may well lead the major banks back into the wealth management sector in a meaningful way. After all, as HSBC’s former head of personal banking and wealth, he knows the industry better than most.
That would signal, however, the almost opposite scenario for ANZ from more than two decades ago, when the bank was the most cautious of the big lenders regarding a wealth management push.
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ANZ boss Nuno Matos says he sees a "dangerous situation" of rising rates and frothy equity markets.
The bank’s annual report noted that a 40 per cent rise in employee relations cases involving alleged breaches of its code of conduct had been driven by “an increased focus on office attendance non-compliance”.
ANZ’s bottom line benefited from a 14 per cent decline in operating expenses, while its operating income rose 3 per cent.
