ANZ’s update to the sharemarket on Thursday about the escalating crisis in its markets division was its most extensive yet. The bank laid out where it stood on the three-pronged controversy that covers alleged market manipulation, misreporting and the re-emergence of a toxic culture on its trading desk.

But the most significant aspect of this statement was the clear shift in ANZ’s mindset. This is no longer a scandal that requires containment but an enormous liability, personal and financial, that needs to be managed.