ANZ’s markets division overstated the value of government bonds it traded by more than $50 billion in 12 months alone, boosting its prospects of winning lucrative mandates issuing Commonwealth debts.
The bank admitted to the Australian Office of Financial Management, which manages government debts, that figures it had supplied detailing the volume of turnover had been incorrect.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Aaron Patrick was a senior correspondent at The Australian Financial Review.
