SYDNEY, March 2 (Reuters) - Australia and New Zealand Banking Group ANZ.AX on Wednesday announced an overhaul to its wealth management business in a bid to improve returns and capital efficiency.
Joyce Phillips, who led the wealth division since its formation in 2012, will leave while Alexis George, the current insurance managing director, will head ANZ's Australian insurance, super and investments activities in a single business, the company said.
"The simplified approach provides the opportunity to focus on improving returns and capital efficiency from our insurance, superannuation and investments product business given higher regulatory capital requirements," CEO Shayne Elliott said in a statement.
Australia's major banks, including ANZ, are under pressure as revenues and dividends are seen slowing after years of record profits.