ANZ Bank’s cash profits dropped 14 per cent to $5.8 billion last financial year, weighed down by charges from new chief executive Nuno Matos’ move to axe 3500 jobs earlier this year and settle a string of cases with the corporate watchdog.

In the bank’s first results under Matos, ANZ on Monday said profits had taken a hit from $1.1 billion in previously announced significant items, including restructuring charges from mass job cuts, and a record $240 million fine it had agreed to pay to settle four separate regulatory cases.

ANZ chief executive Nuno Matos says ANZ’s retail and business banking units are underperforming. Credit: Renee Nowytarger

The bank said that excluding the significant items, its profits were flat for the year to September 30, as Matos reiterated that “action

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