ANZ goes halves in Asia
The senior leadership team at ANZ has been reshuffled in a move that Shayne Elliott, the group's new chief executive, said was "to simplify how we work internally" and to improve the bank's focus on its customers. Elliott channelled his previous role as group CFO when he said, in a video interview on BlueNotes, ANZ's in-house media platform, that there was a need to focus on ANZ's strengths to create shareholder value. This would involve playing to ANZ's often-declared competitive advantages. He then went on to single out ANZ's institutional banking operations in Asia as one of the key businesses differentiating ANZ from its rivals, and said "liberating what's great about our regional business" - the institutional bank - was one plank of the restructure.Applying some of this same logic to the group's New Zealand operations explains the decision to push into the Pacific from the group's New Zealand base. David Hisco, group executive and CEO of ANZ Bank New Zealand, will continue in his role, with added responsibilities for the Pacific (excluding Papua New Guinea), and for ANZ's retail business in Asia.ANZ New Zealand retail and business banking managing director Fred Ohlsson has also been promoted. He'll take on the role of group executive Australia division, and will join Elliott's newly formed Group Executive Committee.Ohlsson will be replaced by the managing director wealth and private bank for New Zealand, John Body. Another aspect of these changes to the executive team which was underplayed by Elliott and his interviewer, Andrew Cornell, was the departure of Gilles Planté, a 20-year ANZ veteran and deputy CEO of institutional and international banking. His former boss, Andrew Géczy, ANZ's chief executive for institutional and international banking, reportedly resigned earlier this month.Their respective exits this month has cleared the way for this current spate of internal reshuffling in ANZ's c-suite.Asked further about job titles, Elliott said that the insertion of the word "group" into the job titles of the executives reporting to him was more than cosmetic. He said it signified he wanted the executives to spend their time thinking about how to work across the group as a whole, rather than concentrating on their own, previously more narrowly defined, business lines.So far, this recalibration of its Asia strategy has seen the bank appoint entirely from within its own ranks - an approach that Elliott said would give those particular executives "more to think about, more value to add," and lead to a more diverse group of experiences running the whole bank.The implication - unsaid, of course - was that the group's previous arrangements were less efficient and due for an overhaul.Two key positions remain unfilled: the newly created role of group executive, digital banking, to oversee ANZ's digital transformation; and the group's next chief financial officer.Elliott suggested that these roles might need to be recruited from external candidates, and suggested both positions would be attractive to talented and ambitious people. He told BlueNotes that these vacancies were expected to be finalised "in the next