Get all your news in one place.
100’s of premium titles.
One app.
Start reading
AAP
AAP
Business
Poppy Johnston

ANZ admits 'unacceptable failure' as bond probe ongoing

The regulator is investigating ANZ over its monthly secondary bond turnover data in 2023. (Joel Carrett/AAP PHOTOS)

Several employees have been suspended or terminated from ANZ as part of an investigation into alleged misconduct within its markets division.

Chief executive officer Shayne Elliott said any evidence of wrongdoing would lead to those involved "held accountable", with the board to consider if action should be taken against himself and other senior managers.

"With the assistance of external counsel, we are investigating these issues with the urgency expected and the group board continues to supervise this work closely," he said in an update on the investigations.

ANZ CEO Shayne Elliott
ANZ CEO Shayne Elliott has apologised to the Australian Office of Financial Management. (Darren England/AAP PHOTOS)

The corporate regulator has been investigating the matter of ANZ incorrectly submitting monthly secondary bond turnover data to the Commonwealth government in 2023. 

ANZ acknowledged "data errors" stemming from double counting and other mistakes, with the "unacceptable failure" prompting a personal apology from Mr Elliott to the Australian Office of Financial Management's chief. 

The bank is also considering if it should have reported the matter to the Australian Securities and Investments Commission earlier than it did.

Several employees had already been suspended, terminated or given formal warnings as part of investigations into allegations of "inappropriate conduct and behaviour", mainly in the Sydney dealing room.

Management changes in the Sydney dealing room have also been made, the bank advised.

"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.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.