ANZ chief executive Shayne Elliott will take an axe to the bank’s hierarchies and bureaucracy and shift the workforce into “agile” teams, mimicking the way businesses such as Google, Facebook and Spotify operate, to launch new products faster as the bank grapples with an era of low credit growth.
Senior and middle management jobs are at risk in the transition, which will start with the Australian division, then spread to New Zealand and the Institutional division. The bank will restructure into teams of about 10, known as “squads” that group into “tribes”, replacing managers with coaches and product owners, who will be picked based on their adaptability and capacity to work collaboratively in multidisciplinary teams, ra…
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