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flag ANZ investors back CEO Nuno Matos' turnaround plan despite expected dividend cut and ongoing misconduct penalties.

flag ANZ Group investors back new CEO Nuno Matos' turnaround plan despite expected short-term challenges, including a possible dividend cut. flag Matos, who took over in May, is cutting 3,500 jobs and paying A$240 million in penalties over misconduct, including unconscionable behavior in a government bond deal. flag The bank’s share price has underperformed its Australian peers, and further cost-cutting, including scaling back a share buyback, may occur. flag While Prime Minister Anthony Albanese called the misconduct a "shocker," investors believe Matos has a mandate to fix the bank. flag Analysts predict a dividend cut in November, following a record fine from Australia’s securities regulator.

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