Corbally’s shift highlights bank’s evolving risk and capital priorities
ANZ Banking Group’s reshaping of its senior ranks has continued with the appointment of Kevin Corbally as managing director of capital management within the bank’s institutional business, a move that underscores both the scale of leadership change and the sharpening of focus on risk, governance and capital efficiency.
Corbally, who has served as ANZ’s chief risk officer (CRO) since 2018, is among the country’s longest-tenured CROs, guiding the bank through the tumult of the royal commission, the pandemic, and a series of reputational setbacks in recent years.
His transition to a capital-focused role, reporting to institutional boss Mark Whelan, marks a shift in responsibilities but not in influence.
ANZ chief executive Nuno Matos said: “Kevin has played an important role in leading ANZ’s risk management function through a period of significant technological and regulatory change for the industry.
“After almost eight years in the role, I recognise Kevin’s desire to apply his extensive experience to a new role and challenge. I’m confident this is the right move for Kevin and ANZ as we look to further strengthen our capital management capabilities.”
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For much of his tenure as CRO, Corbally was on the front line of the bank’s efforts to rebuild credibility. Under his watch, ANZ’s credit quality improved markedly – moving from the weakest loss position among the big four banks to the strongest – and the bank navigated the shocks of COVID-19 without the scale of impairments many feared.
He also had to steer the risk division through the fallout of the banking royal commission and, more recently, regulatory penalties tied to trading controversies.
The Australian Prudential Regulation Authority imposed a $1 billion capital add-on in April (up from $750 million) to address weaknesses in ANZ’s risk-management practices, a stark reminder of the regulatory scrutiny that continues to shape bank strategy.
The leadership change comes amid broader upheaval at ANZ.
Former HSBC executive Nuno Matos formally took charge in July, following the nine-year tenure of Shayne Elliott, whose leadership was bookended by the pandemic on one side and the Suncorp acquisition and trading scandals on the other.
Matos has moved quickly to assert control, most dramatically through an announcement this week that up to 4,500 roles – nearly 10 per cent of the bank’s workforce – will be cut in a bid to reduce costs and simplify operations. While frontline mortgage staff are expected to be spared, the restructure has already drawn fierce criticism from unions and raised questions about whether service standards will hold as operational capacity is stripped back.
The job cuts are accompanied by an explicit focus on non-financial risk controls, with Matos promising to “eliminate duplication and complexity” while strengthening oversight.
For Corbally, the pivot to capital management positions him at the centre of that balancing act – ensuring ANZ can sustain growth in institutional banking while satisfying regulators that risk and capital frameworks are robust.
Proxies target Corbally’s pay
Corbally’s own role in the events of 2024 has not been without controversy. Proxy advisers targeted his pay, alongside that of Elliott and Whelan, after a bond trading scandal triggered regulatory investigations and a capital penalty.
Ownership Matters and Glass Lewis argued that cuts to executive bonuses did not demonstrate “genuine accountability” for the reputational damage, though ANZ’s board insisted it had acted appropriately.
While Corbally lost about 40% of his bonus that year – a reduction of roughly $550,000 – critics maintained the adjustment was insufficient given the magnitude of the issues. Corbally is currently shown receiving a salary of $1.65million – it is unclear what his new remuneration may be in the new role.
In his new role, Corbally will focus on embedding improved capital management practices within ANZ’s institutional division, an area that has been both a driver of strong returns and a source of regulatory headaches.
