ANZ chief executive Nuno Matos and chair Paul O’Sullivan were apologetic but not exactly repentant in a call with investors on Monday morning to discuss the bank’s record-breaking $240 million penalty from the corporate regulator.
The penalty, announced as ANZ embarks on a major restructuring program that will see it shed 4,500 jobs, primarily relates to a bond trading scandal that made headlines last year.
ASIC had been investigating ANZ’s role in issuing 10-year federal government bonds in 2023, which it argued were mispriced — at the expense of taxpayers.
However, O’Sullivan repeatedly stated during the call that there was “no loss caused to the Commonwealth” as a result of ANZ’s actions, despite being “unreservedly” apologetic for letting customers down.
