A decision by ANZ
Banking Group's new chief executive, Shayne Elliott, to drop low-value corporate customers and reduce lending in Asia was acclaimed by investors even though ANZ
cut its dividend for the first time since the financial crisis.ANZ
's first-half cash profit fell 24 per cent to $2.8 billion after the bank incurred several one-off charges. Instead, ANZ
will focus on banking large multinationals."That will mean less, but more valuable, customer relationships going forward," Mr Elliott said.