Bank earnings crunch may spur ANZ to lead sector back into wealth management

Detailed summary

Chief executive Nuno Matos is testing the waters for a return to wealth management. But have banks truly learned from their past?

ANZ chief executive Nuno Matos may well lead the major banks back into the wealth management sector in a meaningful way. After all, as HSBC’s former head of personal banking and wealth, he knows the industry better than most.

That would signal, however, the almost opposite scenario for ANZ from more than two decades ago, when the bank was the most cautious of the big lenders regarding a wealth management push.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.