ANZ Bank executives could face bonus cuts after the banking giant agreed to a $240 million penalty to settle four separate legal cases from the corporate watchdog, admitting to unconscionable conduct on a major government bond deal, incorrect reporting of trading data, and misconduct affecting nearly 65,000 customers.

The misconduct affecting consumers included failing to pay the correct interest rates on bonus savings accounts; failing to respond to hundreds of customers who had sought hardship assistance; and failing to refund fees that were charged to thousands of customers who had died.

The chair of the Australian Securities and Investments Commission (ASIC), Joe Longo, on Monday slammed the bank for what he called “grubby” conduct in relation to the $14 billion bond deal, as he accu

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