Botherway explains OnePath clean-out

The restructuring saw a number of roles disestablished, with some prominent names losing their jobs as a result.

Several Good Returns readers speculated that the clean-out had something to do with getting rid of those associated with the frozen funds, but Botherway told Good Returns the frozen funds had nothing to do with the changes.

He said the restructuring was made to eliminate duplication between ANZ Wealth and OnePath, and to address the fact the bank has essentially pulled out of the structured credit market.

"If you look at what we've done there we did have a structured credit team that has basically been managing us out of a number of positions.