Overview
- Chief executive Nuno Matos told lawmakers the bank will drive a cultural overhaul after a review found a “good news culture” that discouraged staff from flagging problems.
- ANZ is cutting 3,500 roles plus 1,000 contractor positions, and Matos said four of nine senior executives have departed as part of a leadership refresh.
- The lender has accepted a A$240 million penalty for misconduct tied to a 2023 government bond deal and other breaches, with Federal Court approval still required.
- ASIC alleges ANZ mishandled the bond sale and overstated bond-trading volumes by tens of billions of dollars, while the bank maintains the government suffered no loss and denies any accusation of market manipulation.
- Since 2016, ASIC has launched 11 civil penalty cases against ANZ with cumulative penalties exceeding A$310 million, underscoring the bank’s longstanding compliance challenges.