ANZ will cut 50 jobs in its institutional and international banking operations, according to a Bloomberg report. An ANZ spokesman said the bank was adapting to pressure on its margin as the economy slows and demand for credit remains weak. Last month the bank cut 70 jobs from its wealth management division. BRW reports that a Melbourne businessman has rorted a National Australia Bank rewards point promotion, acquiring 380,000 frequent flyer points by spending only $70. In January, the bank offered 100 extra points for each additional purchase on its NAB Qantas card. Anthony Agius made thousands of purchases worth one cent each. When NAB figured out what was going on it told Agius it would award him the 380,000 points but not another 250,000 he was claiming. The Reserve Bank of New Zealand is making some changes to the way it operates. Business Desk reports that RBNZ has, to date, given individual governors responsibility for different areas. Now it has established a governing committee and will act more collectively. RBNZ governor Graeme Wheeler said another change was that the bank would be more outgoing, with more on-the-record public appearances. Wheeler said greater transparency would help the RBNZ achieve its policy goals.