Five years before the ANZ Banking Group made millions trading against its client — the Australian government — one of its employees sent up a warning signal.

He received information from a client that one of his bosses may have used the bank’s huge balance sheet to manipulate the bond market. A member of ANZ’s elite trading team in Sydney, the employee followed procedure and notified the compliance department.

After a brief investigation, the manager was cleared of doing anything wrong. Two months later, the attempted whistleblower realised the boss was trying to get him replaced. He quit in disgust.

That was back in 2018. On April 19, 2023, two members of the same team sat in a cordoned-off room on ANZ’s trading floor in central Sydney. Watched by the same compliance department, over 3

See Full Page