Speaking to BlueNotes on video on the announcement of the changes, Elliott said the bank could find more value in things it does uniquely well.
"We've got some great assets in the bank where we know we can win and we win every day," he said. "We need to give more focus to those going forward."
"We're trying to simplify the structure (as part of that drive)."
ANZ has unveiled changes to senior management and the responsibilities of several key roles, including handing current Australian head Mark Whelan the reins of the bank's institutional business.
Current New Zealand retail boss Fred Ohlsson will move into the vacant group executive, Australia role, while ANZ NZ CEO David Hisco will assume responsibility for operations in the Pacific. The bank has also announced the creation of a new digital leadership role, which will be filled by an external appointment in the coming months.
Elliott said the changes are about focussing on the long term and making sure ANZ has a team with great balance and diversity.
"We have terrific businesses today, particularly our retail and commercial businesses here in Australia and New Zealand," he said.
"We really want to get focussed on those and we're adding a whole new part of it around our digital announcement, which is really the future of those businesses."
He also touched on new internal appointments, the yet-to-be-filled chief financial officer role and changes to the bank's institutional operations in the Pacific.
Watch the video above for more.