ANZ Ditches 2016 Staff Share Bonus

Australia’s ANZ Bank has told its staff that they will not be getting a $1,000 share bonus this year.

The bank told staff that 2016 had been a challenging year and that in an environment of lower growth and lower returns, ANZ had to reduce costs.

A report by «Bloomberg» noted that an internal memo explained to staff that 2016 had been a challenging year and that in an environment of lower growth and lower returns, ANZ needs to reduce costs.

Disposal of Domestic Wealth Business

Elliott 511 copyHowever for ANZ Chief Executive Shayne Elliott, (pictured) this cost-cutting included the grant of 27,764 deferred shares this month as part of his compensation package. In other ANZ related news Macquarie Bank is said to be forming a consortium to consider bidding for the domestic wealth and insurance business units of ANZ. It has been widely reported that Japanese insurers Meiji Yasuda and Dai-ichi Life along with AIA Group and MetLife are also keen on the ANZ Wealth and Insurance business.

 

 

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