https://www.abc.net.au/news/2025-09-15/anz-record-penalty-as…
A few reasons in there - treasury bond fraud, not replying to hundreds of customer hardship notices, not paying the advertised interest rates and continuing to charge deceased accounts.
All this news about ANZ redundancies/cost cutting now makes sense. I’m sure they’ll still scrape through with enough positive on the P&L sheet for the execs to make their bonuses though
Agree with this… ANZ would have weighed up the book and thought, we can make $4.8 billion in profits, but we have to do some shady shit and may get a huge fine OR, we can do things by the book and look after our customers, but we risk making less than the above amount, even factoring in the fine.
$240 million would just be written off as "operating costs" on their ledge. Absolutely just the "cost of doing business".
the more fines, the more profit they make
The ASIC action centres on the bank incorrectly reporting its bond trading data to the Australian government by overstating the volumes by tens of billions of dollars
Lmao you know what this really is. It's pumping their collateral so they won't get margin called on their investments that are on the wrong side of the trade.
If you pumped your assets for a loan application you can bet such fraud wouldn't just be forgiven with fine equivalent of just 3% of your profits.
Nothing will change unless someone in the exec team are held personally liable for these decisions.
Board of directors will not lose a cent in remuneration so they don’t care
oh well, cost of doing business