ANZ Group halts its A$800m share buyback to focus on strategic revamp, aiming for A$800m in cost savings. CEO Nuno Matos targets 12% return on tangible equity by 2028, planning to boost mortgage and business banking staff by 50% in each division. ANZ continues investment in Transaction Banking and Markets platforms.

The bank’s strategy includes exiting non-core businesses like Cashrewards, with a goal to double cost savings from the Suncorp Bank acquisition to A$500m. ANZ plans to enhance services for middle-market and small business customers, aiming for a 13% return on tangible equity by 2030. Last month, the bank announced a reduction of 3,500 jobs and incurred a penalty for regulatory breaches.

Read more at Yahoo Finance: ANZ Group halts share buyback, redirects funds to strategic revamp