ANZ chief executive Shayne Elliott says his bank has stood down and suspended a number of its traders in the wake of allegations about misconduct in its bond trading division, as well as making management changes.
The lender said it made employment outcomes for several employees that included suspension, termination and a formal warning, according to a statement Thursday.
The bank has hired specialist external counsel to investigate the matter following allegations that it overstated bond dealings in order to win mandates. It’s also facing an investigation into irregularities surrounding the sale of a government bond last year, as well as an inquiry into behavioural conduct.
“My immediate priority is to ensure the investigations are completed in a timely manner, that action is taken against any individuals who have not met the required standards and that the necessary steps are taken to ensure these conduct failures do not re-occur,” Mr Elliott said in the statement.
“Importantly, we are not limiting our reviews and will address any conduct that is not in line with our expectations.”
Bloomberg