Jun 10, 2026 – 6.15pmAustralian banks should re-enter wealth management and insurance to improve their profitability, says ANZ chief executive Nuno Matos, areas they abandoned in the aftermath of the damaging banking royal commission.Speaking at investment bank Morgan Stanley’s annual conference, Matos highlighted a steep decline in the big four’s return on capital over the past decade, which he linked to the narrower suite of services they now offer.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
ANZ chief urges banks to return to wealth, insurance
Matos called on the top lenders to be more ambitious in their service offerings, arguing the sector’s profitability has been in decline for years.
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