The Australian & New Zealand Banking Group (ANZ)’s eventful week has continued Thursday with further slashes to its debt capital markets (DCM) unit, which saw Michael Luk relinquish his role as the lender’s Head of DCM, after the group restructured its origination and syndication units, per a recent Reuters report.
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ANZ has been in a state of flux this week, joining other lenders in cutting a portion of their workforce as a result of sluggish economic conditions, waning profit margins, and a bid to focus on new strategies.
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As opposed to the wholesale changes and thousands of job layoffs seen by the likes of Standard Chartered and Deutsche Bank, ANZ axed approximately 200 jobs this week, mostly from its local workforce as the Australian economy has struggled to find its legs in Q2 2016. These cuts were mostly confined to ANZ’s Melbourne office, and specifically amongst back-office workers and areas such as project management and marketing.
In addition to these changes, ANZ has aggregated its origination and syndication into one unified unit, which saw the creation of a new position of Head of Capital Markets at the bank. Presently, ANZ is working to find Mr. Luk a role amidst the changes.
Mr. Luk originally joined ANZ back in 2011 as its Global Head of Debt Organization and Head of Capital Markets – Asia. Since then he has focused on the group’s DCM business, having been based out of Hong Kong. Prior to ANZ, he also held senior level roles at Bank of America Merrill Lynch (BAML) as its Head of DCM – Asia-Pacific (APAC), as well as Deutsche Bank as a Head of Fixed Income and Head of Asia, Leveraged DCM.
Earlier today, ANZ made headlines after it announced a senior move to its FX options desk. Mayank Navalakha has joined ANZ as its Global Head of FX and PM Options following a decade at Barclays in a similar role.