ANZ restructures its wealth division
(2 March 2016 - Australia) In further proof that new ANZ chief executive Shayne Elliott is focussing on the Bank's core Australian operations, its wealth division is undergoing a restructure ahead of a possible exit.
Wealth and private banking has been a complex investment for all of the major banks following their desire to capitalise on the nation's growing superannuation savings a decade ago. As new capital requirements, regulation and changes to the competitive landscape take their toll the banks are having to rethink the way they sell superannuation and insurance products to customers.
The private banking and financial planning areas are being rolled into ANZ's existing retail operations with the remaining insurance and superannuation investments forming a new standalone unit called Australia Wealth.
The restructure of the wealth business has also meant a changing of the guard with Joyce Phillips effectively restructured out of a job and Google Australia head Maile Carnegie moving in to take responsibility for the operations as part of her new role heading digital and marketing.
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