ANZ announced Tuesday that Anshul Sidher has stepped down as managing director of its markets division to “pursue other opportunities” as the bank undergoes a major restructure.
Sidher, who was based in Singapore, had led ANZ’s global markets business since August 2023 after joining the bank 13 years ago as head of the global trading team. His departure comes as new chief executive Nuno Matos implements what analysts describe as one of the most significant changes in ANZ’s history.
“I want to thank Anshul for his contribution to ANZ over the past 13 years,” said Mark Whelan, ANZ’s group executive for institutional banking. “During this time ANZ’s Markets business has grown to help customers navigate dynamic conditions across local and global markets.”
The markets division has faced intense scrutiny following allegations – first reported by The Australian Financial Review last year – that traders manipulated bond rates during a $14 billion federal government bond issue. A subsequent review by consultants Oliver Wyman found isolated cases of bullying, alcohol and substance abuse in Sydney and London offices, and bullying in Singapore.
Two executives will jointly lead the markets business during a global search for Sidher’s replacement. Michael Peric, current global head of balance sheet trading, will be based in Sydney and continue overseeing balance sheet trading operations. Trevor Vail, head of markets Australia, will be based in Singapore and oversee global sales and trading.
The leadership change occurs as ANZ implements sweeping job cuts affecting 3,500 positions and removing 1,000 consultants. Employees are being told they can apply for two jobs of their choice and compete for positions without formal interviews, according to internal communications obtained by The Australian Financial Review.
“Our objective is to treat everyone with dignity and respect,” wrote Ken Adams, ANZ’s general counsel, in an email to staff. “We are working hard to support people going through change, reflecting … changes that have already been made in some parts of the bank.”
Despite the markets division’s recent troubles, the institutional bank will largely avoid redundancies. Most cuts will target retail banking and technology divisions, with the retail arm employing a quarter of ANZ’s 43,000-strong global workforce.
Matos hopes the restructure will deliver hundreds of millions in savings and improve operations. The changes come as he prepares to outline a new strategy next month aimed at turning around ANZ’s laggard performance compared to its big four rivals.
Macquarie analysts told clients the redundancies were “likely the beginning of a series of changes at ANZ as the new CEO seeks to reshape the business and significantly reduce costs.”
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