(Bloomberg) — ANZ Group Holdings Ltd.’s Chief Executive Officer Shayne Elliott said an alcohol ban would be difficult to implement as the bank works through reviving an embattled reputation following a series of scandals in its trading arm.
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Australia’s fourth-largest lender “has to be realistic” about alcohol policy, Elliott told Bloomberg Television’s Haslinda Amin in an interview on Monday.
“These are pretty serious allegations and we’re working them through as a board,” he said in an interview in Singapore, where the bank is celebrating 50 years of business. Elliott said the “buck stops with me” on the trading unit’s missteps.
The Melbourne-based bank is attempting to move on from a trio of concurrent scandals that have emerged all from within its bond trading division this year. ANZ has taken action against staff relating to cultural and conduct issues and has also hired external legal counsel to investigate allegations that it overstated bond dealings to win business. It’s also facing a probe into its role in the sale of a government bond last year.
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–With assistance from Anand Menon.
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