Change at the top of ANZ: Nuno Matos takes the helm

After nine years at the helm of the ANZ Group, Shayne Elliott is handing over the baton: As of July 3, 2025, Nuno Matos will assume the role of Chief Executive Officer. Matos, an experienced banker with an international reputation, was most recently CEO for Wealth and Personal Banking at HSBC. It is already confirmed that he will also join the ANZ board as an executive director. In a statement, ANZ Chairman Paul O’Sullivan praised Matos as a banker of exceptional quality and experience. The appointment is the result of a comprehensive selection process that considered both internal and external candidates. Matos follows Elliott, who during his tenure faced challenges such as trading scandals and accusations of bond market manipulation. These led, among other things, to pay cuts for senior executives. Leadership changes are also taking place at other major Australian banks. Andrew Irvine will take the helm of the National Australia Bank, while Anthony Miller will assume leadership at Westpac. Matos will receive a salary of 2.5 million Australian dollars, supplemented by bonus payments which can amount to up to 135% of the base salary in both the short and long term. Australian banks have re-focused on their core business in recent years, which could be a challenge for Matos as the industry offers less differentiated products. "They are primarily specialized in corporate loans and mortgages," comments Hugh Dive, Chief Investment Officer at Atlas Funds Management. ANZ shares have risen by about 19% so far this year, lagging behind the S&P/ASX 200 Financials sector.