By Scott Murdoch

SYDNEY (Reuters) -ANZ Group CEO Nuno Matos on Wednesday told lawmakers the embattled lender needed a cultural overhaul and to be accountable for its mistakes, as the bank faces ongoing pressure from Australian regulators.

Matos said ANZ was too complex and had too much duplication, which he was determined to simplify as part of his future strategy.

The Australian Securities and Investments Commission (ASIC) has brought 11 civil penalty proceedings against ANZ since 2016, with total penalties exceeding A$310 million ($201.69 million), for cases ranging from market misconduct on a government bond deal in 2023 to charging fees to dead customers.

The bank was found to have a “good news culture” that deterred staff from speaking up about potential mistakes, according to a r

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