Having just got his feet under the desk new ANZ CEO Shayne Elliot must be dismayed to see the bank’s name appearing prominently in the media, but not in the business section.
Two former employees are suing ANZ Banking Group after they were dismissed for inappropriate behavior. In the suit the two claim senior management of the bank condoned a culture of sex, drugs and alcohol.
Patrick O’Connor, is suing the bank after he was sacked for running up $37,000 of expenses including his rent, healthcare payments, an $18,000 purchase of rare coins and several charges at hotels in Sydney and Hong Kong.
Etienne Alexiou, who is suing the bank for $30 million, has told the court he raised concerns about the conduct of the bank with investors and clients on three separate occasions. He was fired for «breaching the bank’s code of conduct» despite being initially stood down for being involved in a regulatory investigation.
A Bad Week For the Bank
Earlier this week a former ANZ financial adviser was banned for 10 years on Thursday for misconduct, with the watchdog asserting he was not adequately trained for his position.
In a press release ANZ said: «Many of the allegations made in both claims are not accurate and these inaccuracies will become apparent as the matters proceed through the court system. Mr O’Connor and Mr Alexiou’s claims are difficult to read for all of us at ANZ but common sense says their behaviours are not consistent with our Code of Conduct and cannot be tolerated.»
