A non-major bank has today revealed role changes for its intermediary leaders... ANZ scraps 2016 staff share bonus amid cost-cutting drive...
Suncorp announces role change-up for intermediary leaders
Suncorp has today announced the head of its wealth & life Intermediaries team, Mark Vilo and the head of its bank intermediaries team, Steven Degetto, will step into each other’s roles from 2017, after the Suncorp’s intermediary businesses were brought together in July this year.
“The new appointments will give our intermediary partners the opportunity to benefit from the diversity offered by Suncorp’s senior leaders,” Andrew Mair said.
“Mark has more than 25 years’ of financial services experience and has been integral in the development and implementation of sales, product and marketing strategies across the independent financial advisers’ market.
“I have no doubt he will continue to build on the excellent results Steven has delivered for our banking brokers over the past three years.
“Steven has more than 20 years’ experience in the finance industry with the majority of this based in the intermediary channel.
“He has been instrumental in reshaping the business to deliver quality, sustainable growth and an exceptional proposition for broker partners and their customers, culminating in being named MFAA 2016 non-major lender.”
Vilo and Degetto will take on their new positions from 1 January 2017 for a period of 12 months.
ANZ scraps 2016 staff share bonus amid cost-cutting drive
(Bloomberg) -- Australia & New Zealand Banking Group Ltd. has axed its traditional A$1,000 ($746) share bonus for staff this year, citing the need to cut expenses.
In an intranet post seen by Bloomberg News, management told employees that 2016 had been a “challenging year” and that in an “environment of lower growth and lower returns, ANZ needs to reduce costs.” The bonus cost the bank A$17.3 million in its most recent financial year, according to Bloomberg calculations based on details in ANZ’s annual report.
Higher funding costs, narrower margins and rising bad-debt charges are putting pressure on profit at Australia’s largest lenders, with ANZ earlier this month reporting its lowest full-year earnings since 2011. Since taking over in January, chief executive officer Shayne Elliott has been winding back the bank’s lower-returning operations in Asia and focusing on the domestic market.
“It’s been a difficult operating environment for ANZ and our shareholders have already felt the impact of this through a reduction in the dividend,” Stephen Ries, a spokesman for the Melbourne-based lender, said in an e-mail confirming the decision. He stressed that the share offers were never guaranteed and came on top of other annual bonuses and pay rises for most staff.
Suncorp has today announced the head of its wealth & life Intermediaries team, Mark Vilo and the head of its bank intermediaries team, Steven Degetto, will step into each other’s roles from 2017, after the Suncorp’s intermediary businesses were brought together in July this year.
“The new appointments will give our intermediary partners the opportunity to benefit from the diversity offered by Suncorp’s senior leaders,” Andrew Mair said.
“Mark has more than 25 years’ of financial services experience and has been integral in the development and implementation of sales, product and marketing strategies across the independent financial advisers’ market.
“I have no doubt he will continue to build on the excellent results Steven has delivered for our banking brokers over the past three years.
“Steven has more than 20 years’ experience in the finance industry with the majority of this based in the intermediary channel.
“He has been instrumental in reshaping the business to deliver quality, sustainable growth and an exceptional proposition for broker partners and their customers, culminating in being named MFAA 2016 non-major lender.”
Vilo and Degetto will take on their new positions from 1 January 2017 for a period of 12 months.
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ANZ scraps 2016 staff share bonus amid cost-cutting drive
(Bloomberg) -- Australia & New Zealand Banking Group Ltd. has axed its traditional A$1,000 ($746) share bonus for staff this year, citing the need to cut expenses.
In an intranet post seen by Bloomberg News, management told employees that 2016 had been a “challenging year” and that in an “environment of lower growth and lower returns, ANZ needs to reduce costs.” The bonus cost the bank A$17.3 million in its most recent financial year, according to Bloomberg calculations based on details in ANZ’s annual report.
Higher funding costs, narrower margins and rising bad-debt charges are putting pressure on profit at Australia’s largest lenders, with ANZ earlier this month reporting its lowest full-year earnings since 2011. Since taking over in January, chief executive officer Shayne Elliott has been winding back the bank’s lower-returning operations in Asia and focusing on the domestic market.
“It’s been a difficult operating environment for ANZ and our shareholders have already felt the impact of this through a reduction in the dividend,” Stephen Ries, a spokesman for the Melbourne-based lender, said in an e-mail confirming the decision. He stressed that the share offers were never guaranteed and came on top of other annual bonuses and pay rises for most staff.
