Change Management Assignment: ANZ

Added on - 28 May 2020

  • 15

    pages

  • 3464

    words

  • 2

    views

  • 0

    downloads

Showing pages 1 to 4 of 15 pages
Running head:CHANGE MANAGEMENTCase study analysis of Change management in Australia and New Zealand Banking GroupLimited (ANZ)Name of the student:Name of the university:Author note:
2CHANGE MANAGEMENTTable ofContents1. Introduction..................................................................................................................................32.0 Questions on Change management in Australia and New Zealand Banking Group Limited...42.1 Leadership style and elements of Change.............................................................................42.2 Internal cultural change.........................................................................................................62.3 Attributes of John McFarlane................................................................................................83. Recommendations......................................................................................................................104. Conclusion.................................................................................................................................12References and Bibliography.........................................................................................................13
3CHANGE MANAGEMENT1. IntroductionAustralia and New Zealand Banking Group Limited (ANZ) takes pride in being one ofthe five large successful companies in Australia. Along with this, ANZ has achieved accoladesand glory as the leading banking company in the threshold of New Zealand. The etymologicalorigin of the bank dates back over 170 years, when it opened the first office in Sydney in 1835 asa branch of Bank of Australia (Anz.com.au, 2018). 1838 was the era when the bank establishedone of its offices in Melbourne, where the world headquarters of the bank is currently located. Asa matter of specification, the bank achieves satisfaction of more than 6 billion customers throughthe provision of quality banking and financial services to different types of organizations- retail,small business, corporate firms and institutions. Collaborative output of 35000 professionals and376813 shareholders makes the banking group a public listed company with a widespreadpresence in more than 30 countries across Australia- Pacific, Europe, Dubai, US and Asia. Inaddition to this, the banking group also has a technology and Operations centre in Bangalore(Anz.com.au, 2018). Inspite of a tough global financial year in 2008, the banking group emergedsuccessful in achieving a profit margin of 3.319 million A$. consistency was maintained in thisperformance till the end of September 2008.Optimizing the vision, this assignment attempts to peek into the ways and means adoptedby the managers of ANZ to regulate and control the proposed change for achievingorganizational excellence.
4CHANGE MANAGEMENT2.0 Questions on Change management in Australia and New Zealand Banking GroupLimited2.1 Leadership style and elements of ChangeIn mid 1990s, ANZ encountered instances of poor organizational performance in theform of bad debts, low employee moral, dissatisfaction from the customers among others.Consistency in these issues compelled the personnel to appoint John McFarlane as the new CEO.McFarlane’s spontaneity in developing a new management team for creating a transformationalprogram was estimated to be fruitful for ANZ in terms of achieving sustainable competitiveadvantage (Anz.com.au, 2018). Exposure of appropriate leadership skills by John bestowedfinancial flexibility on ANZ. McFarlane was determined to bring change as he stepped into thethreshold of ANZ. Typical evidence of this determination lies in the following instances:Lessening the number of jobs in the branchesInvesting in various avenues amidst the competitive markets to mitigate the potentialfinancial risksRestructuring the streamline operations of the headofficeEmptying staffs from the headquartersIn this process, John maintained consistency in his vision towards employee and customersatisfaction. Delving deep into the aspect, this was the starting point of his plan in terms ofexperimenting with the retail customers. 2000 was the era when John give birth to the alteredname of the banking group- “bank with a human face”. McFarlane along with his teamdeveloped a strategy known asPerform.This aim was this strategy was to develop higher
desklib-logo
You’re reading a preview
card-image

To View Complete Document

Become a Desklib Library Member.
Subscribe to our plans

Unlock This Document