ANZ Group CEO Shayne Elliott Encourages Investigations on Bond Trading Allegations

Australia’s ANZ Group (ANZ.AX) has announced plans to thoroughly investigate allegations of misconduct within its bond trading operations, with a commitment to hold individuals accountable for any wrongdoing, according to an email from CEO Shayne Elliott.

The email follows media reports that ANZ overstated the value of government bonds traded by more than $33.81 billion over the past year. Elliott, along with Group Executive Institutional Mark Whelan, acknowledged to staff that these allegations are not entirely new.

To address the claims and improve the workplace culture under Whelan’s leadership, ANZ has engaged external lawyers for the investigation. Elliott and Whelan assured staff that the bank is fully cooperating with regulators and committed to thoroughly resolving the issues.

When asked about the accuracy of the $33.81 billion figure, an ANZ spokesperson declined to comment. Meanwhile, the Australian Securities and Investments Commission (ASIC), which is investigating the bank’s 10-year treasury sale from last year, has not publicly addressed the bond trade allegations.

Market analyst Tim Waterer from KCM Trade suggested that these discrepancies and the need for a probe could impact confidence in ANZ’s leadership and operations. The Australian Financial Review reported that ANZ had informed the Australian Office of Financial Management about inaccuracies in the government bond sales data. Waterer noted it is too early to determine the full implications, though he mentioned that other banks have faced significant fines for similar issues.

Have you read?
Countries Most in Debt to the International Monetary Fund (IMF).
Most Successful Unicorn Startups.
$100 Billion Club: Richest People With The 12-Figure Fortunes.
Largest electricity consumers in the world, by country (in terawatt-hours).
Countries that Export the Most Goods and Services.