The boss of ANZ has offered an unreserved apology for widespread misconduct including the bungling of a multibillion dollar bond sale and ripping off customers.
Chief executive Nuno Matos said the failures, which led to the bank being slapped with a $240 million penalty, were the result of a lack of self-awareness and a “good news culture”.
“The bank fell short of what is expected of us, and for that, I offer an unreserved apology,” he told a parliamentary inquiry into the big four banks on Wednesday.
The corporate regulator whacked ANZ with the record fine for a number of breaches, including incorrectly reporting bond trading data while managing a major government deal, which potentially cost the commonwealth $26 million.
The Australian Securities and Investments Commission (ASIC) also accused the bank of failing to respond to customer hardship notices, making false statements about savings interest rates and failing to refund fees charged to dead customers.
The company maintained the government lost nothing in the bond sale and said while ANZ breached some of its licensing obligations, it was not accused of market manipulation or over-hedging.
Despite that fine being the highest in ASIC’s history, committee chair Ed Husic said the bank got off lightly.
“It should have been higher,” the Labor MP told AAP.
ANZ also announced in 2025 it is slashing its workforce by eight per cent across its institutional and retail divisions.
Mr Matos, who only joined the bank in May, said cultural change was needed to prevent the saga happening again.
“We need to be more decisive and taking decisions today and not postpone it for tomorrow,” he said.
“We need to be more self-aware of the things we don’t do well.
“We need to execute on time and be accountable.”
National Australia Bank chief executive Andrew Irvine will also appear before the committee after Commonwealth and Westpac bosses were grilled.
Surcharges on card payments and the government’s five per cent deposit home loan scheme were on the agenda in Canberra on Tuesday.
The inquiry heard the Reserve Bank was reviewing the nation’s payment system and suggested removing surcharges on eftpos, Mastercard and Visa cards, which would save consumers more than $1 billion a year.
Commonwealth Bank chief executive Matt Comyn said he supported the proposal “in essence” but urged the RBA not to be too hasty with the changes.
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