A major audit of ANZ’s markets division has uncovered bullying, substance abuse and managers turning a blind eye to cultural failings, warning these issues could extend across the company’s retail bank.
But investors hope that ANZ’s incoming chief executive, Nuno Matos, will have a better chance of repairing broken relationships with regulators and overhauling trading teams after the company came clean about its cultural issues and reached a settlement with the banking watchdog.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
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
