ANZ's board has announced that it plans to release the full results of a review into culture and risk governance in its markets unit, reversing its earlier decision to disclose only a summary.
Oliver Wyman was appointed five months ago to investigate cultural and behavioral issues within ANZ's markets team, as well as trading irregularities linked to a $14 billion bond issuance in 2023. The board of the Melbourne-based bank is considering the findings of that investigation and expects to publish the final report within weeks.
The Australian Prudential Regulation Authority (APRA) has already imposed a $750 million capital overlay due to governance lapses. The Australian Securities and Investments Commission (ASIC) is conducting a separate investigation into whether ANZ traders manipulated bond pricing, potentially inflating taxpayer costs. While the bank's internal review found no material wrongdoing, it identified conduct issues that led to three employee departures and a formal warning.
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