Did sexism spell end for star broker?

Angus Aitken’s dramatic exit shows tolerance for unprofessional conduct in the workplace is shrinking.

It’s not so much what Angus Aitken said, as how he said it.

There are so many undercurrents in Angus Aitken’s abrupt departure from stockbroking firm Bell Potter that it’s easy to lose your bearings.

While Aitken’s brutal assessment of ANZ Bank’s recruitment of Michelle Jablko as its chief financial officer played a major role, it’s not so much what he said but how he said it.

The fact is that if Aitken had expressed the same sentiments, but in more moderately phrased language, he would still be at Bell Potter.

His case shows there is a shrinking level of tolerance for unprofessional conduct in the workplace.

If Aitken had said Jablko was unsuitable for the CFO role because of her investment banking background and involvement in Slater and Gordon’s disastrous Quindell acquisition in the UK, no one could have begrudged him for holding that opinion.

Instead, he went much further, saying: “ANZ — that new CFO has to be one of the dumber appointments I have seen ... another reason to not own this stock — Sell ANZ.”

Then he doubled up.

UK clients, he said, were “completely amazed” that ANZ had appointed a CFO whose last major deal was advising Slater and Gordon to buy the Quindell assets that were now worth “bugger all”.

It might be all true, but the language was too aggressive (full text here).

ANZ head of public affairs Paul Edwards posted a tweet that attached Aitkin’s note and said: “sexism alive and well in stockbroking?”

He also asked if the same note would have been written about a similarly qualified man.

In a clear message to Bell Potter, ANZ chief executive Shayne Elliott “liked” Edwards’ tweet.

The note, however, cannot be viewed in isolation.

In December last year, Aitken and Bell Potter were disciplined by the corporate watchdog over the misuse of confidential information about an institutional client’s possible selling intentions in Ten Network stock.

ASIC found that Aitken had sent an email to Philip King of Regal Funds Management about those intentions without the client’s consent.

Who knows what role, if any, the enforceable undertaking accepted by Aitken and Bell Potter had in today’s events?

The other issue that should not be underestimated is ANZ’s acute sensitivity to culture and conduct issues — even when they’re only indirectly related to the bank.

ANZ was ASIC’s first target in Federal Court proceedings brought over alleged manipulation of the bank bill swap rate.

The bank has said it will vigorously defend ASIC’s case, and in April reinstated four of the seven staff stood down in November 2014 after a review found no wrongdoing.

However, three traders were dismissed last year after ANZ found “inappropriate electronic communications and serious breaches” of its code of conduct.

With the Labor Party pledging to hold a bank royal commission if it wins the July 2 election, all banks are hypersensitive about being seen to condone behaviour or language that’s sexist or aggressive towards women.

Professionals are now on notice.

If you want to broadcast your opinion, do it in a professional way.

Otherwise you run the risk of a severe sanction.