Nuno Matos, Chief Executive Officer of Australia and New Zealand Banking Group (ANZ), addressed investors in a call on September 15, 2025, focusing on recent failings within the bank and steps being taken to address them.
“I’d like to start by also apologising to the customers who we have let down. There have been unacceptable failings. It’s simply not good enough and we will do much better,” Matos said at the outset of his remarks.
He emphasized that measurable improvements are expected across the organization to enhance customer protection and ensure business sustainability. Regarding issues in ANZ’s Markets division, Matos clarified there were no allegations of market manipulation but acknowledged that the bank did not meet required standards. “We have apologised to AOFM for our conduct and communication. As the Chairman mentioned, we have also offered to pay to the AOFM the revenue we earned as duration manager,” he stated.
Since joining ANZ in May 2025, Matos outlined his immediate priorities: developing a high-performance culture, accelerating delivery pace, and improving risk management capabilities. He linked current challenges to risks previously identified by APRA and requirements under an Enforceable Undertaking for a more effective non-financial risk (NFR) framework.
“It’s important to note that we are not uplifting NFR simply to meet the regulators’ expectations. We are doing it because it is better for our customers and the quality of our business,” he said.
Matos described ongoing efforts including strengthened governance at both management and board levels. This includes a weekly executive forum chaired by him to oversee changes and monitor progress. The bank has made key appointments such as Les Vance, who will lead a central remediation program involving a cultural reset set to be fully operational within the month.
The NFR framework has been refined with completed root cause analysis, and ANZ plans to submit its remediation plan to APRA by September 30, 2025. Additionally, Matos referenced a formal plan with ASIC for external assurance on remediating outstanding matters holistically related to both EU and ASIC concerns.
The bank continues work on enhancing its Three Lines of Defence operating model with particular focus on first line teams while redefining risk culture changes. ANZ expects approximately $150 million will be spent implementing NFR remediation measures; this investment will be funded by halting lower-priority projects as part of a simplification agenda.
Reflecting on internal communications with staff, Matos reiterated ANZ’s purpose: “From my very first day I embraced this purpose. However, purpose is not about words. Purpose is about actions, it is about how we effectively deliver for our customers. I was very honest with the team, we have not lived up to our purpose.”
He concluded by stressing the need for change within ANZ: “Today’s announcement reinforces the fact that change is needed, and that we need to operate in a different way than in the past. That's critical, and that demands we do fewer things, much better.”
Matos assured stakeholders of his commitment: “I want to close by assuring you that we understand the size of the task ahead, and we are focused on fixing it as quickly as possible.”
For further information or media enquiries regarding these developments at ANZ Bank, contact Lachlan McNaughton or Cameron Davis.