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ANZ warns against ‘silly’ cost cutting – The Australian Financial Review

ANZ’s plan to cut its costs by $900 million by 2023 relies heavily on automation and new digital banking systems. CEO Shayne Elliott is wary of issuing hard and…

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He gave the example of slashing the number of relationship managers and in doing so doubling the number of customers handled by each manager.
When this new system starts customers dont notice and life goes on. But six or 12 months later Elliott says the customers say this is terrible.
He says the other typical way organisations hit cost-cutting targets is by sweating the assets. This means not investing in new technology. He says this can buy time but ultimately the core problems needed to be fixed…

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