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ANZ Faces Record $240M Penalty for Misconduct
19 Nov
Summary
- ANZ faces record $240 million penalty for misconduct.
- Bank mishandled bond sale, potentially costing government $26 million.
- Nearly 65,000 retail customers were affected by misconduct.
ANZ chief executive Nuno Matos is scheduled to appear before a parliamentary committee as the bank confronts a record $240 million penalty for extensive misconduct. The Australian Securities and Investments Commission (ASIC) has accused ANZ of improperly handling a bond sale, which may have resulted in a $26 million loss for the federal government, alongside misconduct affecting approximately 65,000 retail clients.
The bank has consented to this penalty, the largest ever imposed by ASIC on a single entity, pending Federal Court approval. ANZ is also implicated in failing to refund fees to thousands of deceased customers. However, the bank contends that the government incurred no losses from the bond transaction and denies accusations of market manipulation.
This situation unfolds as ANZ announced in 2025 an eight percent workforce reduction across its institutional and retail divisions. Meanwhile, other bank chiefs, including those from Commonwealth and Westpac, have already faced scrutiny from the committee, which is also examining card surcharges and the government's home loan deposit scheme.
