ANZ bank boss Nuno Matos was one of the more notable corporate heavyweights who descended on Sydney’s Four Seasons Hotel on Monday night for a high-powered annual dinner held by the Business Council of Australia.

Since he started leading ANZ in May, Matos has largely shunned media interviews as he has pushed through a major overhaul of Australia’s fourth-largest bank, so his attendance at the BCA event drew attention.

ANZ chief executive Nuno Matos announced heavy job cuts on Tuesday.Credit: Oscar Colman

Less than 12 hours after the dinner had wrapped up, Matos was dropping bombshell news to the bank’s staff: ANZ would slash 3500 jobs over the next year, and a further 1000 contractors, as part of a sweeping cost-cutting plan.

Later on Tuesday morning, as Matos fronted the media for the first time, it was clear the job cuts are just the beginning, with more changes ahead at the big-four bank.

To be fair, Matos has made no secret of his desire for major changes at ANZ and its company culture since he took the reins from former chief executive Shayne Elliott. The 57-year-old career banker, who was born in Portugal and formerly worked at HSBC, has given........

© The Sydney Morning Herald