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Australian bank ANZ Group has cancelled more than A$30mn ($19mn) of executive bonuses as chief Nuno Matos pushes forward with a sweeping overhaul of the lender.
The bank said in its annual report released on Monday that 2025 had been an “eventful and challenging year” as it adjusted the pay packages of top executives to reflect regulatory settlements and a drop in profits.
Former chief executive Shayne Elliott gave up A$13.5mn worth of shares following a bond-rigging scandal and trading floor culture issues during his tenure.
The bank, Australia’s fourth-largest lender by market capitalisation, said Elliott was “ultimately accountable” for the regulatory matters that hit the bank’s reputation. Elliott left the bank this year after Matos took over.
In September, the bank settled with the Australian Securities and Investments Commission after agreeing to pay a A$240mn penalty over claims its traders rigged a government bond sale.
ANZ’s former head of retail Maile Carnegie forfeited A$4.4mn of bonus shares while former head of strategy and transformation Antony Strong lost A$1.16mn.
“The board determined that some or all equity due to vest in November [and] December 2025 would be forfeited for these individuals . . . to ensure overall consequences were appropriate and proportionate,” said the bank.
Matos, who started in May on a pay package worth up to A$6mn, opted to waive his short-term bonus of almost A$1mn for 2025 in order to “lead by example”.
ANZ appointed Matos, a former HSBC executive, to conduct a sweeping overhaul of the lender. Net profit at the bank dropped to A$5.8bn from A$6.7bn in the year to September, said the annual report.
Matos, who started at ANZ in May, has revealed plans to cut 3,500 jobs and 1,000 contractor roles as part of a strategic revamp of the bank’s priorities to narrow the gap with its larger rivals.
“The results we have announced today demonstrate our franchise is strong, but action is needed,” said Matos.
The only short-term bonuses paid out in 2025 were to the head of the bank’s New Zealand arm, Antonia Watson, and senior staff who held temporary executive roles before Matos appointed full-time replacements.
Matt Wilson, an analyst with investment bank Jarden, said the bank’s results showed Matos still had work to do to make the lender more competitive.
“We look forward now to execution,” said Wilson, adding that ANZ has cut costs before, but increasing revenues is “always more challenging”.
ANZ shares were trading 3 per cent higher on Monday and have risen more than 25 per cent this year.
