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ANZ investors back CEO Nuno Matos' turnaround plan despite expected dividend cut and ongoing misconduct penalties.
ANZ Group investors back new CEO Nuno Matos' turnaround plan despite expected short-term challenges, including a possible dividend cut.
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.
The bank’s share price has underperformed its Australian peers, and further cost-cutting, including scaling back a share buyback, may occur.
While Prime Minister Anthony Albanese called the misconduct a "shocker," investors believe Matos has a mandate to fix the bank.
Analysts predict a dividend cut in November, following a record fine from Australia’s securities regulator.
Los inversores de ANZ respaldan el plan de recuperación del CEO Nuno Matos a pesar del recorte de dividendos previsto y las sanciones por mala conducta en curso.