APRA chairman John Lonsdale said he expected ANZ’s board to use a new prudential standard around executive pay to consider bonus reductions for senior executives in the wake of its bond trading scandal.
Mr Lonsdale said reducing pay was an issue for directors, but added “the board will, I am sure, look very closely at accountability issues” when it assesses remuneration this year. A senior trader was dismissed from the bank on Wednesday, making it the third departure from the trading room.
Loading...
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
Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
