(Bloomberg) -- ANZ Group Holdings Ltd. Chief Executive Officer Shayne Elliott said the bank has more work to do to improve risk management as he faces public...
-- ANZ Group Holdings Ltd. Chief Executive Officer Shayne Elliott said the bank has more work to do to improve risk management as he faces public questioning from Australian lawmakers in the wake of scandals over the bank’s bond trading business and wider culture.A broad number of allegations have been externally examined relating to conduct, and three people have subsequently left the bank, he said Friday.
CEOs from the nation’s four major banks have testified during a two-day hearing in front of the House of Representatives Economics Committee. It’s part of an annual review into lenders that spans a wide range of topics from digital payments to regional branches and the impact of monetary policy. Elliott said his firm is working with APRA on the scope of an independent culture and control review within its markets business which will report to the board.
Commonwealth Bank of Australia CEO Matt Comyn, who was first up on Thursday, said regulators have an “undue level of concern” about the big banks scrapping bonus caps when mortgage brokers never adopted such pay reforms. Later in the day, Westpac Banking Corp.’s Peter King criticized social media tech giants for being “missing in action” in closing the loop on scams.
Shayne Elliott ANZ Australian Prudential Regulation Authority Chief Executive Officer
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