ANZ CEO Highlights AI Risks, Does Not Rule Out Future Job Cuts

The chief executive of ANZ Group Holdings Ltd., Nuno Matos, has voiced significant concerns about the unpredictable risks posed by artificial intelligence, acknowledging that widespread job cuts at the bank are a possibility as it adopts the technology.

Speaking Tuesday at the Australian Financial Review Asia Summit in Sydney, Matos cautioned that AI is "creating risks at a much higher pace than what their own builders and developers were thinking." He noted that prominent AI leaders, including the CEOs of OpenAI and Anthropic, have recently warned about the technology's potential dangers.

Cautions on 'Dangerous Outcomes'

Matos warned that without "enough guardrails and limitations," AI could lead to dangerous outcomes, such as attacks on critical infrastructure. He also highlighted the potentially destabilizing societal impact that could arise from mass job losses driven by AI adoption.

When asked directly about the possibility of widespread cuts among ANZ's roughly 40,000 staff, Matos expressed deep uncertainty. "I don’t know and I think whoever says something that is certain will lie to you — you don’t know," he said. "Nobody knows."

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Rival Westpac Touts Efficiency Gains

In contrast, rival lender Westpac Banking Corp. presented a more optimistic view on the same day. In a presentation to investors, Westpac’s chief data, digital and AI officer, Andrew McMullan, said the technology is returning valuable time to its employees.

Westpac estimates that AI implementation will free up approximately 150,000 hours of banker capacity annually by eliminating 250,000 manual activities. The bank broke down the benefits, attributing:

• 100,000 hours saved from automating payslip and bank statement checks for home loans.
• 50,000 hours saved in its consumer finance division.