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ANZ Bank’s cash profits dropped 14 per cent to $5.8 billion last financial year, weighed down by charges from new chief executive Nuno Matos’ move to axe 3500 jobs earlier this year and settle a string of cases with the corporate watchdog. In the bank’s first results under Matos, ANZ on Monday said profits had taken a hit from $1.1 billion in previously announced significant items, including restructuring charges from mass job cuts, and a record $240 million fine it had agreed to pay to settle four separate regulatory cases. The bank said that excluding the significant items, its profits were flat for the year to September 30, as Matos reiterated that “action is needed” to improve the bank’s financial returns and catch up to rivals. “Looking at our four main divisions, Institutional and New Zealand have performed consistently well, however Australia Retail and Business & Private Bank have underperformed,” Matos said.
