ANZ Banking Group Ltd chief executive officer John McFarlane is reportedly likely to quit the bank soon after his current contract expires. Mr McFarlane said he would consider stepping down as ANZ's chief after his three-year contract expired in 2006, the Australian Financial Review reported. By 2006, Mr McFarlane would have been with ANZ for nine years. "People kind of feel that 10 years is when you really need some new ideas," the newspaper cited him as saying. "It takes up to 10 years to make a difference. Somewhere around that period is probably about time. There will be somebody here that will be miles better than I am potentially as CEO and that's the time to move on."