ANZ cuts dividend after profit drop
Tuesday, 3 May, 2016 - 11:28
ANZ Banking Group has cut its dividend for the first time since the GFC after its first-half profit slumped by nearly a quarter.
Shayne Elliott was appointed chief executive of ANZ on 1 January 2016. Prior to this, he was its chief financial officer, responsible for all aspects of finance as well as group strategy, legal, treasury, investor relations, mergers and acquisitions. He was also the chief executive of institutional, overseeing all businesses that deal with ANZ's large business, corporate and institutional customers. Prior to joining ANZ in June 2009, Mr Elliott was head of business development at EFG Hermes, the largest investment bank in the Middle East. And before that, he was chief operating officer responsible for developing corporate strategy, balanced scorecard and goals program, and implementing governance and business management processes. Mr Elliott worked at Citigroup and held various senior positions across geographies and business sectors over the course of 20 years, including as chief executive of global transaction services Asia Pacific, chief executive of corporate bank Australia/NZ & country corporate officer, chief executive Egypt, vice president of strategic planning New York, head of investor derivative sales London, and head of NZ derivatives sales and trading. Mr Elliott holds a Bachelor of Commerce, Management Studies and Finance from the University of Auckland, New Zealand.
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394th | Buderim Group">Buderim Group | 34.74% | 0% |
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ANZ Banking Group has cut its dividend for the first time since the GFC after its first-half profit slumped by nearly a quarter.
ANZ Banking Group's cash profit has slipped 3 per cent in the first nine months of its financial year, weighed down by restructuring charges and bad debts.
ANZ Banking Group has pledged to consider cutting credit card rates and stopping its millions of dollars in political donations, as its boss apologised for failing customers.
ANZ Banking Group will take a $265 million hit after agreeing to sell its retail and wealth business in five Asian countries to Singapore's DBS bank.
ANZ Banking Group has announced its second asset sale in two weeks as it continues efforts to streamline the business and bolster its capital.
ANZ Banking Group chief executive Shayne Elliott is optimistic about prospects for the rest of the financial year after the lender lifted its first-quarter cash profit 31 per cent to $2 billion.
ANZ Banking Group says it will try to find new jobs for the approximately 180 employees at its share trading business that has been sold to UK-listed CMC Markets.
ANZ Banking Group shares have tumbled as much as 3 per cent after the lender fell short of most analysts' expectations with a first-half profit of $3.4 billion.
The balancing act that allowed Australia's big four banks to lift their combined first-half cash profit to $15.6 billion is getting more precarious, analysts say.
ANZ Banking Group chief executive Shayne Elliott says the lender is watching its mortgage book "like a hawk" for signs of stress as households rack up record debt to meet rising house prices.
ANZ has agreed to sell its life and consumer credit insurance business OnePath Life to international insurance giant Zurich for $2.85 billion.
ANZ is aiming to clean up its financial planning with new measures that include firing planners who give customers inappropriate advice and removing all sales incentives from its bonus structures.
ANZ has announced its full-year cash profit has dropped 5 per cent to $6.5 billion, as the bank simplifies operations and prepares for customer remediation in the wake of the royal commission.
National Australia Bank is scrapping its overhauled executive pay structure in response to an overwhelming first strike in which more than 80 per cent of shareholders voted against it.
Some of Australia's bank chiefs remain unwilling to accept responsibility for poor conduct, royal commissioner Kenneth Hayne says.
ANZ Banking Group chief executive Shayne Elliott says structural issues and internal processes should cop the brunt of the blame for misconduct across the banking sector, and not a few people with bad intentions.
ANZ Banking Group has beaten expectations to lift first-half cash profit two per cent to $3.56 billion but warned subdued credit growth, competition and compliance costs will keep bank sector earnings under pressure "for the foreseeable future".
ANZ Banking Group will hold off paying shareholders an interim dividend as its first-half cash profit plunges 62 per cent on a $1 billion COVID-19 hit, and the prospect of more pain to come.
A US analyst says economic conditions today match those of times past when hard assets and resources were the pick of the investment classes.
ANZ will tighten its policy on coal, but gas will be treated as a transition fuel, the company said as it reported a 42 per cent profit fall.
The fate of AMP CEO Francesco De Ferrari has finally been revealed, a week after the wealth manager tried to hose down reports he was leaving.
ANZ has posted a sharp rebound in first-half profit and boosted its dividend, helped by a recovery among business customers and robust activity in the housing market.
ANZ has posted a sharp lift in full-year profit despite underperformance in its home loans business, thanks to a robust lending market and reversal of some COVID-related provisions.
The nation's third-largest bank, ANZ, has reported a lift in first-half profit after tightly managing costs and improving home loan processing times.
The big-four lender has agreed to pay $4.9 billion for the banking operation as it seeks to shore up its Queensland business.
ANZ has beaten earnings expectations across the board, but the results don't appear to have been strong enough to impress the market.
Australia's third-largest bank has delivered a strong performance for the six months to March but warned of a difficult six months ahead.
The competition regulator has blocked ANZ's acquisition of Suncorp's banking arm in what was a $4.9 billion transaction that would have shaken up the banking industry.
Federal Treasurer Jim Chalmers will take his time to consider ANZ's acquisition of Suncorp Bank, after a tribunal overruled the consumer watchdog's refusal of the $4.9 billion sale.
Australia’s big four banks will face a parliamentary grilling this week, including questions over ANZ’s alleged manipulation of the bond market.
ANZ Banking Group chief executive Shayne Elliott has announced his retirement, effective from July 2 next year.
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