ANZ reported a A$6.9 billion cash profit, up 18 per cent on the previous year, as chief executive Shayne Elliott and his management team set about unashamedly restructuring operations to create a smaller and more easily managed business. In the words of Elliott it will be "a simpler, better capitalised, better balanced and more agile bank", with several parts of the Asian business and Australian operations either being sold or on the market.Elliott made much of the fact that ANZ's product range has been greatly simplified - reduced from over 300 to around 90 financial products, by way of example.In the media conference yesterday following the ANZ Group profit announcement, Elliott conceded that there had been a strong realisation that, in order for his multi-year strategy to continue, he and his management team need to be transparent with staff."Our people are smart and sensible and part of the reason we have been successful is that they know there is a need to change - they see the need for this," he said."Part of the cultural shift has been to be really transparent to explain why we need to change and to be upfront with that."We have done as much as we can to bring people along. Looking at job losses, we have reviewed our redundancy payments and decided they were not fair and increased [payouts]."Our industry is going through quite radical change and its mainly because our customers have changed. They want to do banking on their mobile and everything 24 x 7. We've been trained as a society to expect instant service, always on, and they want their banks to be the same."When we focus on productivity, we don't just focus on the junior ranks, we focus on the senior, more expensive managerial ranks. Over the last two or three years we reduced those numbers from 210 down to about 130."However, as Elliott conceded there are limits to how many staff can leave the building."The next range of change will be coming from automation and redefining work processes. The good thing about that is these changes tend to be in areas that have very high turnover such as call centres, which [already] have a very high turnover," he said.