ANZ Group’s underperforming retail business is likely to bear the brunt of the jobs carnage about to hit the bank over the next 12 months, as its new boss, Portuguese banking veteran Nuno Matos, gets ready to deliver a clear strategy to investors on Monday.

Matos, who joined the bank in July, has made it clear that the bank needs a significant overhaul to help shed its reputation as the worst performer among the Big Four. However, his tenure so far has been blemished with errors that highlighted the execution risks threatening Matos’ planned makeover.

ANZ chief executive Nuno Matos flagged deep job cuts last month but has yet to unveil the strategy that will lift ANZ’s performance. Credit: Marija Ercegovac

Matos missed out on the top job at HSBC before joining ANZ and has been e

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