While the bank has taken action against staff involved in bond trades, the move is the first time an employee has been let go due to the cultural review.
Already a subscriber?ANZ has fired a trader following an investigation into workplace misconduct, the first time an employee has been let go because of the findings of an external cultural review launched into the bank’s markets division earlier this year.
People close to the bank’s internal investigations, who spoke on condition of anonymity as they were not authorised to comment, said at least two bankers who worked in the markets team had their staff equity frozen. That includes equity that was due to vest – be paid – in future months and years based on performance, those people said.The most recent staff changes will take the number of bankers affected by the investigation to four, including the two who were suspended in July.
Last month, Mr Elliott said the bank’s board, chaired by Paul O’Sullivan, would “lead a process to ensure consequences will be applied to senior executives, both past and present, including myself, where appropriate”. New Zealand’s regulator, the Financial Markets Authority, has confirmed it had “received six complaints from market participants about possible market manipulation in New Zealand’s wholesale interest rate and government bond markets”.
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