ANZ CEO Nuno Matos Cuts 8% Workforce in Bankwide Restructuring

Nuno Matos, who became ANZ's CEO in May 2025 after leaving HSBC, has initiated a major overhaul at Australia's second-largest bank by assets, including cutting 8% of its workforce and reshuffling senior management to dismantle the legacy of his predecessor. His aggressive cost-cutting and restructuring efforts, dubbed 'Nunogeddon,' come amid challenges such as integrating the recently acquired Suncorp and restoring ANZ's reputation after multiple scandals, including bond market manipulation. Matos, known for his serious and analytical approach, is focused on diversifying ANZ's portfolio amid a competitive domestic market where rivals have increased exposure to the residential real estate sector. Despite the tough changes, ANZ has managed to control costs and maintain dividend stability, though the bank still faces risks linked to residential mortgages. Matos has shown a willingness to listen and adapt to the Australian market, distinguishing himself from other offshore CEOs, even as scrutiny of banks intensifies. His leadership reflects a clear ambition to reshape ANZ's future and restore its standing both domestically and internationally.