ANZ Set to Release Full Culture Review

ANZ’s leadership is making a surprising shift, now planning to release a full review of its risk governance and workplace culture in its markets division. This reverses its earlier commitment to sharing only a summary, a move that could significantly impact investor confidence and regulatory relations.

The Melbourne-based bank faced scrutiny after appointing a consulting firm five months ago to investigate cultural shortcomings and trading concerns linked to a $14 billion bond issuance in 2023. Authorities alleged these issues may have inflated taxpayer borrowing costs, prompting the bank’s board to reconsider its approach to transparency.

The review involved surveys, interviews, and focus groups with institutional banking staff, gathering insights into workplace culture. The findings are expected to shape how ANZ strengthens risk governance and responds to previous compliance failures, which led regulators to impose a $750 million capital buffer on the bank.

This decision signals a shift in ANZ’s strategy, likely influenced by regulatory pressure and investor expectations. While releasing the full report could enhance transparency, it may also expose internal weaknesses the bank must now address. With regulators still investigating bond trading practices, further actions could follow.

Source: Australian Financial Review, Starling Trust, Capital Brief