ANZ Bank boss Nuno Matos will have to defy history to hit the ambitious financial targets outlined in the bank’s strategic overhaul as he tries to turn the underperforming bank around, analysts say, though his cost-cutting agenda has won plaudits from the market.

One notable aspect of Matos’ plan to cut costs is to reduce ANZ’s reliance on business consultants, with the chief executive even telling analysts at the market briefing on Monday that he “hates” consultants.

When asked how much he would be relying on external consultants to bring in the changes, or whether ANZ itself would be driving the project, Matos made it clear that his preference is for the bank to do more work in-house.

“You’ll be pleased to know I don’t like consultants, to be honest. I hate consultants, OK?” Matos sai

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