ANZ Bank’s chief executive, Nuno Matos, is embarking on a challenging path as he seeks to achieve the ambitious financial targets set out in the bank’s strategic overhaul. Analysts have noted that Matos faces a significant challenge in reversing the institution’s underperformance, but his proactive approach to cost-cutting has garnered positive responses from the market.
A key component of Matos’ strategy is to minimize ANZ Bank’s reliance on external business consultants. During a recent market briefing, Matos expressed his strong dislike for consultants, stating, “I hate consultants, OK?” This candid admission underscores his commitment to enhancing the bank’s internal capabilities rather than outsourcing critical tasks.
Matos emphasized that he wants ANZ to lead its own transformation initiatives. This intention was further clarified by Farhan Faruqui, the bank’s chief financial officer, who noted that Matos’ comments were not meant to disparage individuals in the consulting field. Instead, the focus is on fostering productivity through in-house efforts.
“I came from a school where things are done by the teams that are in the company, right?” Matos elaborated. “Sometimes, in special moments, you need some help… But I and we don’t like structured consulting or third parties or managed services.”
While ANZ does not impose a blanket ban on the use of consultants, Matos’ remarks reflect a clear preference for the bank to execute its own strategies while managing costs effectively. According to Matt Wilson, an analyst at Jarden, major banks typically allocate tens of millions of dollars to consulting services. However, Wilson expressed skepticism about the tangible value these services deliver to shareholders.
Matos’ approach aims to leverage the bank’s existing resources and talent to drive change. By prioritizing internal expertise, he hopes to establish a more self-sufficient model that enhances operational efficiency. This strategy aligns with a growing trend among financial institutions to streamline operations and minimize external expenditures.
As the financial landscape evolves, Nuno Matos is determined to reshape ANZ Bank’s future. With a focus on internal capabilities and a commitment to rigorous cost management, he is poised to navigate the complex challenges ahead. The success of this ambitious overhaul will depend on the bank’s ability to execute its plans effectively and deliver results that meet or exceed the expectations of stakeholders.
