In an opinion piece published in the Australian Financial Review last month, journalist Jonathan Shapiro details the nature of the cultural problems facing ANZ, informed by confidential conversations with a number of people in and around the bank.
Many of the problems outlined in the article relate to the bank's speak-up culture. "When faced with a problem, senior employees within the markets division have tended to ignore it, hoping it goes away," Shapiro writes. "Unsurprisingly, these issues have not disappeared but worsened." Frequently, those who raised concerns faced blowback internally, Shapiro explains, while "problematic" employees were frequently rewarded and promoted.
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