ANZ Wealth Chief's Surprising Departure

Joyce Phillips, Former ANZ Wealth Head

Joyce Phillips, Former ANZ Wealth Head

Since taking over as CEO at ANZ Bank, Shayne Elliott has made sure that his bank is rarely out of the news. Now the company has announced changes in wealth management. The calibration of the business has not gone down well with everyone.

Melbourne based ANZ has announced plans that should simplify its approach to wealth management, more closely aligning the distribution of wealth products and services with its Retail and Commercial businesses and focusing its insurance, superannuation and investments product business in Australia on improving returns and capital efficiency.

However, the calibration of the wealth business has not gone down well with everyone.

The so called «simplification» has led to the departure of Joyce Phillips, Group Executive Wealth, Marketing and Innovation who is leaving leaving ANZ as the bank’s press release said to «pursue her successful financial services career».

Praise from the CEO

«Under Joyce’s leadership the Wealth Division has achieved a significant amount since it was formed in 2012. In that time Joyce has built a great reputation for Wealth through its consistently strong business performance, improved governance and compliance and increasing the value of the ANZ brand in the region I wish her every success with her future career,» said Elliott.

The global wealth unit at ANZ reported a net profit of $601 million during the last financial year which was 11 percent up from 2014. The division added less than 10 percent to ANZ's profits.

The Restructuring

For the record the changes effective from 12 March to simplify ANZ’s approach to wealth are:

  • In Australia, Private Bank will report to Fred Ohlsson, Group Executive Australia and ANZ-branded distribution including ANZ Financial Planning will transition to be part of Retail Distribution reporting to Catriona Noble.
  • In New Zealand, wealth will be part of an expanded Retail, Business Banking and Wealth team reporting to John Body.
  • In Asia, Wealth will join Retail Asia reporting to David Hisco, Group Executive and CEO New Zealand.
  • ANZ’s remaining Insurance, Superannuation and Investments activities in Australia will be formed into a focused business to be known as Australia Wealth. Alexis George, currently Managing Director Insurance, will lead the business as Managing Director reporting to Shayne Elliott.

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