ANZ fined record $240 million for bond trading misconduct
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.
