A reader has done well to spot and forward this remarkable report from the ABC to our newsdesk. We were unable to find any other related media and can only suggest that readers who have been screwed by the ANZ test the waters and see if this character is for real or just reeling from the graft and corruption being revealed concerning the attrocious greed and fraud committed by the bank in Australia and abroad.
By senior business correspondent Peter Ryan
12 Oct 2018, 12:33pm
ANZ chief executive Shayne Elliott has taken personal responsibility for misconduct at the bank and told parliamentarians he is accountable for the damaging revelations from the financial services royal commission.
- ANZ CEO Shayne Elliott says: “I’m ultimately accountable for this”, referring to misconduct since 2016
- Earlier this week, ANZ flagged a $697m profit write-down, with more than half due to customer compensation
- Mr Elliott apologised to customers and said he would personally respond to complaint emails sent to him
Testifying at a parliamentary committee hearing in Canberra, Mr Elliott said ANZ has engaged in behaviour that falls below community standards but that, ultimately, the buck stopped with him.
“It is completely unacceptable that we have caused financial harm and emotional stress to our customers. As CEO since 2016, I’m ultimately accountable for this,” Mr Elliott said.
“I understand that you, and the community, will want to know who has been, and who will be, held accountable for the bank’s failings.”
Asked how he felt about evidence that has emerged about ANZ’s misconduct, Mr Elliott said he was “saddened and embarrassed” and that Australians have been “rightly dismayed and disappointed”.
Mr Elliott said around 200 ANZ staff had been dismissed in relation to misconduct, including senior executives.
“In the past, ANZ has not focused sufficiently on formally holding executives to account for failures that harm customers,” Mr Elliott said.
“Where there have been consequences, they have often involved pay cuts and people leaving the bank.”
Earlier this week, ANZ said “fees for no service” and other scandals would carve a $374 million compensation hole in its full-year cash profit.
The financial impact from complaints raised before and during the financial services royal commission account for more than half of ANZ’s profit downgrade.
In total, ANZ is facing a $697 million hit to its after-tax annual profit from various costs related to customer compensation, royal commission legal bills, restructuring and software write-downs.
ANZ said the bulk relates to customer compensation for “issues arising from product reviews” and “customers receiving inappropriate advice or for services not provided”.
Mr Elliott apologised to customers and invited them to contact him directly, offering his email address — Shayne.Elliott@anz.com — and promising a personal reply.
“There is more to do but our changes so far are already making ANZ easier to manage and better for customers,” he said.
“The commission’s interim report strengthens our resolve to fast-track these, and other, reforms.”
The Commonwealth Bank and Westpac were grilled by the House Economics Committee yesterday in semi-annual hearings established in 2016 by then-treasurer Scott Morrison
RM sourced cover image from: Is the Australian banking sector corrupt?
The plot thickens…