While everyone from banking analysts to Reddit commenters is watching Nuno Matos wield the axe across ANZ, a smaller drama has surfaced at the bank’s venture capital arm.
An ANZ spokesperson confirmed to Capital Brief that 1835i would not be spared from Matos’ red pen, saying it was part of the strategic review underway and that the bank “will provide an update on any changes to our strategy in mid-October”.
The statement noted ANZ was “stopping work that doesn’t support our priorities and reducing duplication and complexity”. Capital Brief has confirmed redundancies have hit the VC unit’s staff.
News that 1835i had sold its Airwallex stake for $67 million and abruptly shuttered Cashrewards after investing around $100 million in the consumer platform got VC and startup tongues wagging about the venture arm’s future.
