The chief financial officer of Australia & New Zealand Banking Group Ltd. announced recently that he will resign from the position, a move that will reportedly lead to a significant executive shuffle.
According to MarketWatch, CFO Peter Marriott says he plans to pursue a non-executive career after spending 15 years as the bank's finance chief. Marriott will officially leave the financial institution on May 1, at which time institutional banking head Shayne Elliott will reportedly take over the role.
This move will lead to a number of other changes, as the bank's head of Asian operations will take on a larger role to include global institutional banking, while a new chief executive for global wealth management and private banking will also be named.
"These changes support our super regional aspiration at a time banking globally is undergoing a major upheaval as a result of low credit growth, funding challenges and new regulation," chief executive Mike Smith said in a statement.
The array of moves comes just after ANZ Bank announced plans to slash 1,000 finance jobs and freeze pay for most senior executives, according to Bloomberg.
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