ANZ has announced it will redistribute much of its existing wealth operations within its retail and commercial businesses to help better position the organisation for the future Elliott told BlueNotes on video.
"The key design principle here is really to bring the wealth business as close as possible to our customers and that inevitably means to marry it with our retail businesses," he said.
“It's really to looking ahead and saying 'there are all these changes coming', some about regulation and some about competition in the marketplace and we need to be ready for that.
Elliott said ANZ recognises its obligation to and the value in providing customers with access to products that protect their possessions and help save for their future.
“These changes are really designed just to cement that idea closer at the front-end," he said.
The CEO said the wealth division had created a lot of value for shareholders and customers but when looked at proportionally, only about 10 per cent of the bank's capital was allocated there.
“We want to really maximise and liberate that 10 per cent and do the best we can with it," he said.
"This is really just recognition that the world is changing ahead and we're at a different stage of maturity and it's kind of the time for the next stage in its evolution."
Elliott also touched on his new management team and the bank's focus on execution. Watch the video above to find out more.