View from the Top


AW- ANZ.jpg

We all scoff at LinkedIn and question its true usefulness for anything, well, useful…yeah, we do…it’s like social media but just for the boring stuff…apart from keeping in touch with one or two people who don’t do the social media thing, LinkedIn is rather ‘yup’…

It has its uses though and, last week, I was able to use my one free month introductory special offer of LinkedIn Pro, specifically the InMail credits that come with the demo, to engage ANZ New Zealand board of directors….you can’t really reach much further than the very top…

From an academic perspective, I was interested to see if I even got a response, and if I did, how long it would take, noting the loooong time it takes ANZ staff to respond, especially if the subject matter is not to their liking. Recently the CEO of ANZ Australia – a Kiwi – said that  he “…answers every email he gets and responds to all written correspondence from customers usually on the same day…” So there’s a standard of sorts…

In all fairness, the board of ANZ New Zealand responded in less than two days. Disappointed in their response? Actually no and not surprised either…this is an organisation that has lost its way so badly that it can no longer see the moral forest for the trees. If the board had suddenly turned against ANZ’s position for the last five years on this issue, you would have to seriously question its competence as a major banking institution.

Today, Stuff posted a story “ANZ makes almost $2b from New Zealand banking” That, apparently, represents 40% of the total banking profit in New Zealand in that twelve month period. 40%! From a single bank! Are the others doing something wrong…or perhaps are they doing things right…? $1.99 billion dollars. Almost $5.5 million dollars EVERY day – by afternoon smoko on any given day, ANZ could clear RAL’s loss for 2018 – and not even blink. For that money, it could probably operate the Defence Force…

The culture of Gordon Gecko springs to mind…
gekko greed.JPG

I think banks have, like a lot of companies, we did lose our way.

“We became unbalanced in terms of the pursuit of financial metrics and success which again are very seductive.

“It is like anything — people in any industry or any team want to win and if the score is about profit or return it becomes really easy to focus on that at all costs.

Shayne Elliot, CEO ANZ, 2018

My situation aside, it’s clearly time for change…let’s kick it off with our own Banking Royal Commission and go from there….

Please sign and share our petition of change in the New Zealand banking industry

 

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