ANZ boss opens up on latest scandal

ANZ boss opens up on latest scandal

The head of ANZ has broken his silence on the latest scandal to engulf the local financial sector, labelling behaviour from within the bank’s Markets unit as “unacceptable”.

In an unusual approach Shayne Elliott took to Twitter to launch a defence of the bank after news broke last week that sacked staff were seeking millions in damages amid allegations of a “toxic culture” in the Markets division.

Etienne Alexiou and Patrick O’Connor have launched lawsuits after being fired last year for “serious breaches of ANZ’s code of conduct”, with the firings largely related to lewd comments on Bloomberg chat terminals.

The two are seeking $30 million and $5m, respectively, alleging the bank actively “condoned and promoted” a culture that saw its code of conduct breached regularly.

Among the claims is talk of an environment of drugs and strip club visits.

The bank has said it will fight the claims in court, with Mr Elliott admitting the bank has work to do to address behavioural issues.

“Historic Markets behaviours unacceptable,” he said on Twitter.

“[ANZ is] committed to action.”

Mr Elliott defended his organisation, however, saying that there was a “strong inclusive culture” at the bank, with “overwhelmingly great people” employed.

At the 4.15pm (AEDT) official market close, ANZ shares were down 2.01 per cent to $24.41 against a benchmark decline of 0.7 per cent.