While presenting ANZ's latest financial results, outgoing CEO Shayne Elliott maintained that the current Australian Securities & Investments Commission (ASIC) investigation into alleged market misconduct at the bank is unrelated to past scandals, as reported by The Australian.
The probe concerns claims that ANZ traders traded ahead of an A$14 billion government bond deal, benefiting the bank at taxpayers' expense. Elliott argued that this differs from the earlier manipulation of the Bank Bill Swap Rate (BBSW), which occurred from 2010 to 2012, when he led ANZ's Institutional division. He conceded that the bank fell short on managing non-financial risk but insisted that lessons from the past were not ignored.
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