ANZ Banking Group’s reshaping of its senior ranks has continued with the appointment of Kevin Corbally as managing director of capital management within its institutional business, a move that underscores both the scale of leadership change and the sharpening of focus on risk, governance and capital efficiency.
Corbally, who has served as ANZ’s chief risk officer since 2018, is among the country’s longest-tenured CROs, guiding the bank through the tumult of the royal commission, the pandemic, and a series of reputational setbacks in recent years. His transition to a capital-focused role, reporting to institutional boss Mark Whelan, marks a shift in responsibilities but not in influence.
“Kevin has played an important role in leading ANZ’s risk management function through a period of significant technological and regulatory change for the industry," said ANZ chief executive Nuno Matos. "After almost eight years in the role, I recognise Kevin’s desire to apply his extensive experience to a new role and challenge. I’m confident this is the right move for Kevin and ANZ as we look to further strengthen our capital management capabilities.”
For much of his tenure as CRO, Corbally was on the front line of the bank’s efforts to rebuild credibility. Under his watch, ANZ’s credit quality improved markedly – moving from the weakest loss position among the big four banks to the strongest – and the bank navigated the shocks of COVID-19 without the scale of impairments many feared.
He also had to steer the risk division through the fallout of the banking royal commission and, more recently, regulatory penalties tied to trading controversies. The Australian Prudential Regulation Authority imposed a $250 million capital add-on last year over shortcomings in “non-financial risk management”, a stark reminder of the regulatory scrutiny that continues to shape bank strategy.
For insurance and risk professionals, the shift of a CRO of Corbally’s stature into a capital management role is notable. It reflects how tightly risk oversight, capital allocation and regulatory capital overlays have become intertwined in modern banking – a lesson equally relevant to insurers managing solvency margins and prudential expectations.
The change comes amid broader upheaval at ANZ. Matos, a ormer HSBC executive, formally took charge in July, following the nine-year tenure of Shayne Elliott, whose leadership was bookended by the pandemic on one side and the Suncorp acquisition and trading scandals on the other.
Matos has moved quickly to assert control, most dramatically through an announcement this week that up to 4,500 roles – nearly 10 per cent of the bank’s workforce – will be cut in a bid to reduce costs and simplify operations. While frontline mortgage staff are expected to be spared, the restructure has already drawn fierce criticism from unions and raised questions about whether service standards will hold as operational capacity is stripped back.
The job cuts are accompanied by an explicit focus on non-financial risk controls, with Matos promising to “eliminate duplication and complexity” while strengthening oversight. For Corbally, the pivot to capital management positions him at the centre of that balancing act – ensuring ANZ can sustain growth in institutional banking while satisfying regulators that risk and capital frameworks are robust.
Corbally’s own role in the events of 2024 has not been without controversy. Proxy advisers targeted his pay, alongside that of Elliott and Whelan, after a bond trading scandal triggered regulatory investigations and a capital penalty. Ownership Matters and Glass Lewis argued that cuts to executive bonuses did not demonstrate “genuine accountability” for the reputational damage, though ANZ’s board insisted it had acted appropriately.
While Corbally lost about 40 per cent of his bonus that year – a reduction of roughly $550,000 – critics maintained the adjustment was insufficient given the magnitude of the issues. The episode, and the scrutiny it generated, reinforced how intertwined governance, risk culture and executive accountability have become. Corbally is currently shown receiving a salary of $1.65million – it is unclear what his new remuneration may be in the new role.
In his new role, Corbally will focus on embedding improved capital management practices within ANZ’s institutional division, an area that has been both a driver of strong returns and a source of regulatory headaches.
For insurers and banks alike, the message is clear: capital is no longer a back-office calculation but a strategic lever that must be actively managed and defended in the face of regulatory pressure, market volatility and reputational risk.
Corbally’s appointment signals that ANZ is determined to tie risk and capital management even more tightly together. For an industry where prudential regulators have shown little patience for lapses – whether in credit, conduct, or operational controls – it is a reminder that resilience is as much about governance as it is about financial strength.
