ANZ fined record $240 million for bond trading misconduct
TL;DR Summary
Australian bank ANZ was fined a record A$240 million (US$160 million) by ASIC for misconduct including mishandling a government bond sale and failing to refund fees to deceased customers, highlighting serious issues in its risk and compliance culture. The bank's new CEO, Nuno Matos, has acknowledged the need for significant reforms, including job cuts, to restore trust and improve operations.
- ANZ fined record $160mn over bond trading and customer account issues Financial Times
- ANZ admits 'unconscionable conduct' in bond trading, agrees to A$240 million penalty Yahoo Finance
- ‘Betrayed the trust of Australians’: ANZ bank pays record $240m fine for widespread misconduct The Guardian
- ANZ Agrees to Penalties to Settle Australian Markets, Retail Matters The Wall Street Journal
- Australia's ANZ to pay $160 million over bond deal, customer violations Reuters
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