ANZ's decision to disband its global wealth division and align the distribution of wealth products with its retail and commercial banking businesses is a response to its failure to achieve an acceptable level of cross-sell of wealth products to bank customers.The bank announced yesterday that its Australian private bank would become the responsibility of the group executive Australia, Fred Ohlsson, and that ANZ-branded wealth distribution, including financial planning, would move into retail distribution.In New Zealand, wealth will become part of an expanded retail, business banking and wealth division. In Asia, wealth will be folded into the Asian retail business. The remaining insurance, superannuation and investment activities in Australia will become a business called Australia Wealth. There was much speculation yesterday that this business would be put on the market.Twelve months ago Roy Morgan Research issued a report, which said that the big banks had made hardly any progress over the previous decade cross-selling wealth management products to their customers.Roy Morgan reported that National Australia Bank was the best performer in wealth cross-sell, with an 18.5 per cent share of wallet (that is, 18.5 per cent of its customers' total superannuation and other wealth assets).Westpac had a 13.9 per cent wealth share of wallet, Commonwealth Bank had a 13 per cent share and ANZ an 11.6 per cent share.As a point of comparison, the same survey showed that ANZ had a 49.3 per cent share of wallet in deposits and 45.7 per cent in loans.Roy Morgan industry communications director Norman Morris said: "All four major banks are finding it difficult to gain a share of their customers' wealth business and have generally shown no improvement over the last ten years."When banks got into the wealth industry in the early 2000s their business cases were built on the expectation that they could cross-sell superannuation and other wealth products to the majority of their retail and business customers and that their wealth divisions would eventually generate 20 per cent or more of group earnings.None of them have come close, least of all ANZ.  Global wealth contributed A$601 million to ANZ's group earnings of $7.2 billion in 2014/15. While the division's profit growth of 11 per cent was the best of any of the bank's divisions, the proportion of earnings coming from wealth, at less than ten per cent, was a problem.Former ANZ chief executive Mike Smith said on a number of occasions that the bank was underweight in wealth. The global wealth division was formed in 2012 as part of the bank's drive into Asia. With a new CEO in the chair the bank's ambitions are closer to home.The head of the global wealth division Joyce Phillips will leave the bank.