From Bloomberg reporters Harry Brumpton, Amy Bainbridge, and Sharon Klyne:
ANZ Group Holdings’ markets division accounts for a tiny fraction of the Australian bank’s roughly 40,000 employees. But it’s now becoming an outsized source of trouble for the 189-year-old firm and Chief Executive Officer Shayne Elliott.
ANZ is considering a raft of policy changes to help restore the firm’s damaged reputation after three traders departed the bank amid allegations of misconduct in the Sydney dealing room. The country’s securities regulator is also investigating the bank’s role as risk manager in a debt sale last year, and Elliott has apologized for errors in spreadsheets that misrepresented the value of fixed-income trading given to a government agency.
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From Bloomberg reporters Harry Brumpton, Amy Bainbridge, and Sharon Klyne:
ANZ Group Holdings’ markets division accounts for a tiny fraction of the Australian bank’s roughly 40,000 employees. But it’s now becoming an outsized source of trouble for the 189-year-old firm and Chief Executive Officer Shayne Elliott.
ANZ is considering a raft of policy changes to help restore the firm’s damaged reputation after three traders departed the bank amid allegations of misconduct in the Sydney dealing room. The country’s securities regulator is also investigating the bank’s role as risk manager in a debt sale last year, and Elliott has apologized for errors in spreadsheets that misrepresented the value of fixed-income trading given to a government agency.
Interviews with more than a dozen current and former ANZ employees paint a picture of a firm that has grappled for years with allegations of poor behavior among traders. Read the full story [here](https://www.bloomberg.com/news/articles/2024-09-10/traders-misbehaving-for-years-make-clean-up-at-anz-a-tough-job).