Finance
ANZ Bank Risk Culture Slammed by Report, Regulator
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ANZ Group Holdings Ltd. was slammed with an additional A$250 million ($158 million) capital requirement after an independent review unveiled weaknesses in the bank’s leadership and a string of bad behavior including alcohol and substance abuse.
Shortcomings in leadership and a problematic culture were among the root causes of risk management lapses at ANZ, according to the report, which centered on the markets division. The extra capital buffer imposed by the Australian Prudential Regulation Authority takes the total to A$1 billion.