ANZ has hired McKinsey to review its senior management structure as part of a wider shake-up under new CEO Nuno Matos, as reported by the Australian Financial Review.
The review aims to streamline ANZ's executive reporting lines, which are almost double those of its main rivals. Since stepping into the role this spring, Matos has signaled a push to improve culture and risk management following years of scrutiny from Australian regulators and an ongoing investigation into alleged bond market manipulation. McKinsey has already been advising ANZ on such issues since June.
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