The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is in the green today amid changes to its executive structure.
ANZ shares are currently trading at $26.36, a 1.35% gain. For perspective, S&P/ASX 200 Index (ASX: XJO) is up 0.38% today.
Let's take a look at the changes ANZ announced today.
What changes is ANZ making?
ANZ will create a new commercial division and combine its digital division and Australian retail business. Maile Carnegie will take on the role of group executive of Australian retail. Carnegie has been leading the bank's digital division since 2016.
ANZ is splitting its commercial business to "better prepare for future growth opportunities". By combining the digital and retail divisions, the bank hopes to step up attention on its commercial business in Australia.
Mark Hand, currently the Group Executive of Australia retail and commercial, will be leaving the ANZ in the next few months. However, first, he will work with the ANZ to establish the new commercial division.
Commenting on the revamp, chief executive officer Shayne Elliott said:
We've been banking Australian businesses since our inception more than 180 years ago and it is core to who we are and what we do. Ultimately, improving the visibility, focus and accountability of this division will benefit all our customers who are striving to either start, run or grow their business.
We recognised retail banking was changing fast and that we needed to use the world's best digital technology to deliver a customer proposition centred around the financial wellbeing of our customers while also improving the speed and resilience of our operations.
Management comment
Further commenting on the change to the executive team, Elliott added:
Mark Hand has given tremendous service to ANZ over many decades and can be incredibly proud of the contribution he has made, particularly as a key member of the Executive Committee since 2018.
Maile Carnegie is the right leader to take this business forward. She has brought a different perspective since joining our Executive Committee in 2016 and made a significant contribution in reshaping our digital offerings, particularly with ANZx.
The ANZ share price has been struggling in the past year amid its share of the mortgage market declining.
However, despite this, JP Morgan analysts are bullish the bank can deliver upside in 2022 and 2023. The broker values the bank higher than its current market price. Analysts value the bank at $30.50 per share, 15% higher than its share price at the time of writing.
ANZ share price snap shot
The ANZ share price slid 1.32% in the past 12 months and is down about 5% year to date.
In the past week alone, ANZ shares have fallen around 7%
For perspective, the benchmark ASX 200 has returned about 4% over the past year.
ANZ has a market capitalisation of about $73.8 billion.
