Shares of Australia and New Zealand Banking Group (ANZ) surged as much as 10% on Wednesday following strong quarterly results under new leadership. The bank's performance reflects early success from cost-cutting initiatives led by former HSBC executive Shayne Elliott, who took the helm in 2016.

The stock rally marks a significant turnaround for ANZ, which has faced pressure to improve profitability and efficiency in Australia's competitive banking sector. Elliott's strategy focuses on streamlining operations and reducing expenses, moves that investors appear to be rewarding with the sharp share price increase.

ANZ's quarterly results demonstrate that the bank's transformation efforts are gaining traction, with cost reductions showing early promise. The market response suggests investors are optimistic about the bank's ability to execute its strategy and improve returns in the face of ongoing challenges in the Australian financial services industry.