ANZ denies corrupt culture allegations
The ANZ Banking Group has issued strong statement backing its internal culture following a newspaper report revealing Federal Court action by two of its former global markets traders alleging a culture of sex, drugs and alcohol.
The statement claims the two traders, Patrick O'Connor and Etienne Alexiou were dismissed in 2015 for serious breaches of ANZ's Code of Conduct, Policies and Values and said that O'Connor's dismissal related to abuse of a company-issued credit card and that both O'Connor's and Alexiou's dismissals related to highly inappropriate and offensive electronic communication.
"ANZ will be vigorously defending both their court applications," the statement said.
The newspaper report said Alexiou and O'Connor were separately suing the bank in the Federal Court for tens of millions of dollars of damages, lost bonuses and income after they were dismissed for inappropriate or offensive electronic communication and, in O'Connor's case, the abuse of a company-issued credit card.
Their terminations related to an Australian Securities and Investments Commission (ASIC) investigation into the bank bill swap rate.
The ANZ statement also made clear the banking group's preparedness to take tough disciplinary action, including clawing-back bonuses from senior staff.
"Appropriate conduct, compliance with ANZ policies and respect for others is paramount at ANZ," the statement said.
"Where there is evidence that someone has not acted in a way that is consistent with our Code of Conduct and policies, we will take appropriate disciplinary action. This includes formal warnings, dismissal and, where relevant for more senior staff, bonuses being clawed back."
Referring to allegations made by O'Connor and Alexiou about some existing and former ANZ staff, the banking group said it was committed to investigating all cases that were bought to its attention "either through our own management and monitoring or those raised by current or former staff".
However it added, "In relation to the applications filed with the Federal Court, all matters raised have either been investigated or are under currently under investigation. We have already identified that many of the allegations made in both claims are not accurate and these inaccuracies will become apparent as the matters proceed through the court system."
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
