At ANZ "our cost of capital is probably closer to 8 per cent to 8.5 per cent," CEO Shayne Elliott said yesterday."For the last four or five years - that our cost of capital was around 10 per cent … So we need to reset our expectations."In an interview with the bank's Bluenotes portal, Elliott said "I've been out testing [this[ with a lot of our customers; how do they think about that?"In terms of the way we're running our business, the signals we're sending to our front lines, the way we think about investments, whether that investment's a good thing for us to do with shareholders' money. That takes a little bit of time to catch up."Returns are in reverse at ANZ. The return on assets fell to 0.6 per cent n FY19 from 0.7 per cent in FY18 and may look a lot worse in FY20."We have cut our FY20 earnings [forecast] by nine per cent to reflect five per cent less revenue from very low interest rates making their presence felt much earlier, and slightly higher opex,": Matt Wilson, banking analyst at Evans and Partners wrote in a commentary last night."Our international business, New Zealand and Institutional, have held up their earnings very well," Elliott pointed out.ANZ completed the sale of its life insurance businesses in Australia and New Zealand during the year, and also sold its banking businesses in Cambodia and PNG.