ANZ News | The Market Online The Market Online – First with the news that moves markets. Breaking Australian stock market news, ASX 200 announcements and the latest ASX news today. Wed, 02 Apr 2025 22:44:43 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 ANZ takes $250M hit from APRA over ‘risk culture’ after talks https://themarketonline.com.au/anz-takes-250m-hit-from-apra-over-risk-culture-after-talks-2025-04-03/ Wed, 02 Apr 2025 22:44:38 +0000 https://themarketonline.com.au/?p=748122 ANZ Group Holdings (ASX:ANZ) has today been ordered by APRA to carry $250 million in additional operational risk capital overlay to address issues of “risk culture” across all sectors of its business.

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The bank entered a court-enforceable undertaking with the Australian Prudential Regulation Authority (APRA) following conversations with the former about non-financial risk management practices and risk culture.

The EU is also connected to the appearance of issues in ANZ’s Global Markets Business, which had promoted the regulator to express concern about an uplift in the bank’s non-financial risk work program.

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Chairman Paul O’Sullivan said the bank was working towards improving its practices around non-financial risk, but had more to do. “We are disappointed that we have not met APRA’s expectations about how the bank manages non-financial risk and its non-financial risk culture,” he said.

“A strong non-financial risk regime is critical to protecting our bank and our customers.”

ANZ has been trading at $29.66.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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ANZ Singapore-based credit team tipped to leave amid market business headwinds https://themarketonline.com.au/anz-singapore-based-credit-team-tipped-to-leave-amid-market-business-headwinds-2025-01-28/ Tue, 28 Jan 2025 04:54:19 +0000 https://themarketonline.com.au/?p=736323 Rumours are swirling that ANZ Group (ASX:ANZ) has been hit with the loss of its entire credit trading team based in Singapore, as the ‘Big 4’ bank faces headwinds from an ongoing ASIC (Australian Securities & Investments Commission) investigation into its markets business.

The team – a crucial component of the ‘Big 4’ bank’s Asian credit trading business, which nets up to $70 million a year – was said to have communicated its desire to leave late on Monday.

Additional rumours suggest they’ve been poached by rival Standard Chartered.

There was no news of these developments on Tuesday, when the ASX opened after the Australia long weekend – a day in which ANZ was trading higher, with shares at $30.52 (at 14:54 AEDT); a rise of 1.13% since market open.

ASIC is continuing its examination of the bank about its role in a $14 billion government bond sale. The regulator has labelled the case the ‘highest priority.’ The Federal Court dismissed an appeal by ANZ in October 2024.

In the wake of the scandal, the bonuses of senior executives and members of the Institutional and Corporate Banking team have been cut.

And with some credit traders confirmed as leaving – such as Ming Wo, who has worked for ANZ in Singapore, Sydney and London – others are rumoured to be on the way out, such as Timothy Teh and Adam Hall.

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Australian economy faces global headwinds, RBA caution as it heads into 2025 https://themarketonline.com.au/australian-economy-faces-global-headwinds-and-rba-caution-as-it-heads-into-2025-2024-12-31/ Mon, 30 Dec 2024 22:23:56 +0000 https://themarketonline.com.au/?p=731671 As Australia wraps up the festive season, it can be said that we have survived a tough year, one which came to an end with disappointing GDP figures that showed the national economy to have slowed to its slowest pace ever since the 1990s recession (or by 0.3% in the September quarter).

Adding to this is the chatter around our central bank, which has been under pressure to cut rates, but has largely resisted this, choosing instead to keep the cash rate steady at 4.35% – a position it’s held since November 2023.

Reflecting on how the Aussie economy has performed in 2024 – and how it might fare in the following year, given various headwinds including a second Trump administration in the U.S. and a continuing slowdown in China – ANZ senior economist Catherine Birch contributed several thoughts on the outlook.

Starting with the recent GDP numbers, Ms Birch said it showed the impact high inflation has been having on Australia.

“We did see the slowest annual GDP growth in Australia outside of the pandemic, since the 1990s recession, and that does show the economy is really feeling it at the moment,” Ms Birch explained.

“We have seen inflation really be a challenge for the economy. That has certainly caused some challenges for many industries and parts of the economy: construction is a big one in particular.

“We know a lot of construction firms have really struggled with the sharp rise we’ve seen in input costs. And some of the supply disruptions have really constrained how much can really be done, and therefore limiting growth as well.”

In response to high inflation, the RBA had taken a tough line on rate cuts – and had received pushback for this. But Ms Birch said it’s important to remember Australia had differed from other countries in terms of its initial experience with inflation, and how the RBA had chosen to respond to this.

“We saw inflation pick up later, we saw it peak later, but it’s also been slower to come down as well,” she said.

“And one of the differences, not only in the timing of rate changes versus other central banks, is that the RBA took our cash rate to 4.35% – well below a lot of comparable economies.

“For example, over in New Zealand, their OCR peaked at 5.5%, we saw over in the US, the rates peaked at 5.25-5.5% as well.

“So one of the reasons the RBA did that was that they were willing to tolerate a slower return of inflation back to target with the benefit being that unemployment wouldn’t rise as much if they took rates even higher to try and get inflation back to target sooner.”

Indeed, evidence of a consistently resilient labour market in Australia seems to have justified the Reserve Bank’s actions.

Looking into the new year, it was likely that – unexpected data notwithstanding – the RBA’s cautious policy would be likely to continue.

“We’re expecting that the RBA will start to cut rates in May and that there will be only two 25 basis point rate cuts in this cycle – so getting down to 3.85% by August next year, and then staying there,” Ms Birch said.

“A lot of people might not want to hear that sort of forecast. It will depend quite a bit on the data as to when the cuts start.

“If we see inflation and labour market data and household spending becoming weaker than expected over the next couple of months, it’s possible that they may start to cut rates in February.”

Turning to global headwinds in 2025, Ms Birch said the key word guiding predictions for both the Australian dollar and commodity prices was ‘volatility.’

The former would be likely to drop in the first half of the year, influenced by the anticipated impacts of Donald Trump’s promised tariff policy.

“We think that we’ll be seeing, by the middle of 2025, the Aussie dollar at around 63 US cents, but potentially there are periods where it gets lower, closer towards the 60 cents mark,” she said.

However, Ms Birch added several variables would enable Australia’s economy to survive these headwinds, with the dollar moving back towards 67 cents in the second half of 2025.

“We think Australia is still relatively well placed compared to a lot of other economies in terms of our growth outlook, and also our ability to deal with any shocks coming up as well, so that room we have on the fiscal policy side and monetary policy side,” she said.

Geopolitical and global economic volatility would likely also retain the strength of gold as a safe haven, she added, while other commodities would be shaped by trends coming out of Beijing.

“We think about something like lithium – the oversupply in batteries that we’re seeing in China will likely limit the near-term outlook at least, but the longer-term outlook still looks really positive,” Ms Birch said.

“And then of course there’s the China story as well: With that slowdown, that structural weakness that we’re seeing in the property sector only being partly offset by some of the stimulus measures and the move towards those new productive forces.

“So more investment in renewables and things like EVs and green infrastructure. Now, those sorts of things should boost things like aluminium and copper and some supply disruptions in those metals should also protect any price downside.”

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Shayne Elliott to step down at ANZ, HSBC exec named as new CEO https://themarketonline.com.au/shayne-elliott-to-step-down-at-anz-hsbc-exec-named-as-new-ceo-2024-12-09/ Sun, 08 Dec 2024 23:01:03 +0000 https://themarketonline.com.au/?p=729439 ANZ (ASX:ANZ) has announced its chief executive officer Shayne Elliott will be stepping down after nine years, to be replaced by former HSBC executive Nuno Matos.

Mr Matos – who will take over the role of CEO on July 3, 2025 – comes to the role with 30 years of experience across multiple sectors of banking, most recently as HSBC’s CEO of Wealth and Personal Banking.

He spent nine years at the latter global bank, holding roles such as Chief Executive Officer of HSBC Bank plc and HSBC Europe, as well as CEO Mexico (one of HSBC’s biggest markets) and Regional Head of Retail Banking in Latin America.

Mr Nunos has also worked at Santander, where he was Global Head of Consumer in its Retail and Commercial Division.

ANZ Group chairman Paul O’Sullivan said he believed this appointment would be an important step for the ‘big four’ bank going forward.

“We are very pleased an international banker of Nuno’s calibre and extensive experience will be joining ANZ as our new chief executive to lead the execution of our strategy,” he said.

“Nuno’s appointment is the culmination of long-term systematic work by the board onleadership succession.

“Having assessed multiple external and internal candidates, we know Nuno is the rightperson to build on the transformation already well progressed under the leadership of Shayne and his team.”

“Critically, Nuno has led several bank business, risk and technology transformations, which will be a significant benefit as we prepare to scale the migration of customers, including those from Suncorp Bank, across to ANZ Plus as well as supporting our focus on non-financial risk.”

Mr Elliott first joined ANZ in 2009 having also served as Global Managing Director Institutional and the Group’s Chief Financial Officer.

ANZ has been trading at $31.15 this morning.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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CBA breaks trading record on strong day for Aussie financials https://themarketonline.com.au/cba-breaks-trading-record-on-strong-day-for-aussie-financials-2024-09-06/ Fri, 06 Sep 2024 03:41:13 +0000 https://themarketonline.com.au/?p=714361 Australia’s banking sector has had a stonking day on the stock market, on what has been an otherwise quiet Friday.

Heading into the afternoon, the financial sector moved ahead of utilities as the best-performing sector, registering gains of 1.50% on the ASX.

The story of the day was Commonwealth Bank of Australia (ASX:CBA), which broke its all-time record in intraday trade, reaching a share price of $143.50 in the early afternoon, before readjusting slightly down from that number. CBA’s previous record was $143.38.

ANZ was also performing well: with a 1.44% rise in its share price, which was $31.70 at 13:24 AEST, while Westpac was up 1.39% to $32.02 and National Australia Bank (NAB) had risen 0.95% to $38.87.

The rally across Australia’s financial sector boosted the overall performance of the ASX200, which had gained nearly 0.60% to 8029.20 by 13:28 AEST.

The utilities sector had gained 1.41% at the same time, followed by the discretionary sector – which was up 1.29%, staples (up 0.96%) and real estate, which had listed 0.93%.

Energy was the worst-performing sector, being down 1.68%, while materials were down 0.65%, information technology was down 0.43% and telecommunications were down 0.13%.

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Banking on ANZ in this week’s Hot Stock tips https://themarketonline.com.au/banking-on-anz-in-this-weeks-hot-stock-tips-2024-08-20/ Tue, 20 Aug 2024 07:01:37 +0000 https://themarketonline.com.au/?p=710781 Wealth Within’s ‘Hot Stock’ tip this week is one of Australia’s big four banks, ANZ Group Holdings (ASX:ANZ).

Host Filip Tortevski argues ANZ has ‘really performed’.

“All things are leading to a nice continued run-up and resumption of this very uniform up-trend that it’s experiencing,” he said.

“As ANZ runs through these uptrends, it does experience more sharpness in its moves, and that’s when, really, you need to pay attention.

“Be prepared for upside, but also be prepared that at some time this upside will subdue.”

Mr Tortevski says history suggests the stock could test the $31.80 level.

ANZ closed below $30 today.

Proceed with Caution

Uranium producer Paladin Energy (ASX:PDN) is Mr Tortevski’s ‘Proceed with Caution’ pick this week.

He said it was a positive caution, because the stock had been in a bullish uptrend, but was volatile and had pulled back close to 50%.

It closed at $10.24 today.

Not Hot

Mr Tortevski’s ‘Not Hot’ stock pick this week is Liontown Resources (ASX:LTR).

The lithium play has plummeted from its highs around $3.20 in June last year, in the days when it was pursued by Albemarle. Since then Gina Rinehart has secured 19.9% and Albemarle has sold down its 4% stake.

While Liontown produced its first spodumene recently from the Kathleen Valley project, Liontown was at a 52-week low yesterday. It closed below 80 cents today.

Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au

Disclaimer: While Wealth Within holds an Australian Financial Services License (AFSL:226347) the information featured in this program is general in nature and therefore should not be relied upon. Before making any investment decisions, you should consult a licensed professional who can advise whether your investment decisions are appropriate for you.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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