☰ Menu eFinancialCareers

Morning Coffee: Mike Smith defends your job at ANZ

Mike Smith defends your job at ANZ

Super regional was right

ANZ now employs some 21,000 people in Asia – almost a three-fold increase from when its outgoing CEO, Mike Smith, took over seven years ago. If you’re working for ANZ in Singapore or Hong Kong right now you probably owe your job to Smith and the ‘super-regional’ Asian expansion that he pioneered.

You’re probably also very used to hearing criticism of your employer, in particularly that its Asian growth has become a drag on profits. Shayne Elliott, ANZ’s new CEO, is expected to cut back in Asia, with trade finance a possible target.

In a new Finance Asia interview, however, Smith is unrepentant about his growth strategy. “There is an urban myth in Australia that local companies fail when they expand into Asia…I have always been baffled by why no Australian bank had ever cracked the Asian market.”

Smith also rejected accusations that he favoured ideas for Asian growth even if they made little financial sense.  “I have always looked at the business from an integrated perspective…”. And he pointed out that the success of ANZ’s Asian operations shouldn’t only be judged by its Asian profits. When Asian clients invest in Australia, for example, their business is booked as Australian revenue – but the fact that they became clients in the first place is because of ANZ’s strong Asian presence.

Asian staff at ANZ will be heartened to know that Smith has accepted a 12-month non-executive consultancy contract with the firm, starting in July 2016. Mr super-regional will continue to have an influence at the bank.

Meanwhile:

Standard Chartered has poached top HSBC banker Simon Cooper to run its corporate and institutional banking division. (Telegraph)

Noel Quinn replaces Cooper at HSBC. (Reuters)

Fed rate rise is good news for Asia bankers. (WSJ)

Or is it? (Bloomberg)

Standard Chartered appoints new head of Silicon Valley tech outpost (Finextra)

DBS appoints head of consumer banking in India. (Reuters)

ANZ shareholders lodge protest vote against banker pay. (Sydney Morning Herald)

Why senior bankers at Morgan Stanley in Hong Kong are singing. (South China Morning Post)

How to organise a hedge fund office party (hint, invite Katy Perry). (Reuters)

The blockchain dream team comes together. (Business Insider)



Image Credit: Philhillphotography, iStock Editorial, Thinkstock

Comments (0)

Comments

The comment is under moderation. It will appear shortly.

React

Screen Name

Email

Consult our community guidelines here