Thu, 13th Nov 2025

In the Financial Services Daily News Wrap for Thursday, November 13th, 2025, key updates from the Australian financial sector were shared. ANZ Bank's new CEO, Nuno Matos, announced a strategic overhaul, eliminating around 4,500 roles to focus on digital transformation, costing A$560 million. In legal news, telecommunications company Optus received a landmark ruling, fined AU$100 million for exploiting vulnerable Australians. Westpac reported a slight decrease in its annual returns, with mortgage market competition and a slight dip in net interest margin cited as reasons. However, a divestiture of its A$21.4 billion RAMS mortgage portfolio is planned. The Reserve Bank of Australia maintained the cash rate at 3.60%, despite rising inflation and unemployment reported, suggesting a steady but challenging economic landscape. It's recommended for borrowers to seek financial advice during these changeable times.n