ANZ Group CEO Nuno Matos acknowledged the need for a cultural overhaul to address mistakes and complexity within the bank. Australian regulators have pressured ANZ due to 11 civil penalty proceedings since 2016, totaling over A$310 million. Matos aims to simplify the bank’s structure and foster a more accountable culture.

Matos emphasized the importance of self-awareness, execution, and accountability during a parliamentary hearing in Canberra. ANZ’s “good news culture” discouraged employees from reporting errors, contributing to regulatory scrutiny. Matos, who joined as CEO in May, is working to transform ANZ’s culture and leadership team.

ANZ faced a A$240 million penalty from ASIC in September, the largest-ever imposed by the regulator on a single entity. Matos has overseen a refresh of the bank’s leadership team, with plans to cut 3,500 jobs. Despite the challenges, Matos remains committed to the gradual transformation of ANZ’s culture and operations.

Read more at Yahoo Finance: ANZ CEO says bank needs cultural change to fix ongoing mistakes