Three ANZ staff fired following misconduct allegations: CEO
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The news: ANZ chief executive Shayne Elliott confirmed that three people have lost their jobs, while another has been given a formal warning, following allegations of misconduct at the bank's Sydney dealing room.
The context: Speaking before the House Standing Committee on Economics at Parliament House, Elliott said that following complaints by ANZ staff, an internal investigation found "the use of profanity in the dealing room" and staff "coming back during work hours after having consumed an unreasonable amount of alcohol".
Elliott also noted that he has personally apologised to the chief executive of the Australian Office of Financial Management, after ANZ admitted to misreporting bond trading data in 2023.
However, Elliott said an internal investigation found "no evidence" that supports market manipulation by ANZ, after the Australian Prudential Regulation Authority (APRA) increased the bank’s capital overlay in response to heightened concerns about its non-financial risk management practices.
He said that ANZ is progressing a program of work to improve how it manages non-financial risk, and is working with APRA on the scope of an independent culture and control review within its markets business, which will report to the board.
What they said: "ASIC [Australian Securities and Investments Commission] may have a different view," Elliott said, on the securities regulator's ongoing investigation into the bank for alleged market manipulation.
"They may have different data than us," he said. "They've had the opportunity to speak to and interview some of the traders and staff at the bank, but certainly based on what I've seen, there's nothing there."
The source: Australian Parliament House
