Grubby and unconscionable isn't a slogan a bank will ever use, but it's the verdict on ANZ's conduct from the financial regulator as it imposes record penalties.

The bank on Monday agreed to pay $240 million in fines for four separate acts of wrongdoing, six years after a royal commission found widespread misconduct in Australia's financial services industry.

The eyewatering sum is the largest punishement the Australia Securities and Investments Commission has handed down to a single entity.

On top of the multi-million dollar repayments, the Finance Sector Union said it would lodge a Fair Work Commission complaint against ANZ, which last week announced plans to cut 3500 jobs and 1000 contractor roles by next September.

"ANZ can find $240 million to pay for unconscionable conduct, yet i

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