(Bloomberg) -- ANZ Group Holdings Ltd. will re-examine its alcohol policies after complaints of inebriated staff on the trading floor, part of a broader probe into allegations of cultural problems at the Australian bank.
We “are considering that and that should be on the table,” Chief Executive Officer Shayne Elliott said during testimony in parliament on Friday, responding to a question from a lawmaker who said she knows of an investment bank that has a hard no-alcohol policy. “It’s entirely reasonable that that is considered.” No decisions have yet been made, he added.
Elliott’s comments come as he said the lender had suffered reputational damage and needs to do more to improve risk management in the wake of allegations over cultural problems at the firm, as well as probes into trading practices.
The ANZ boss said he is putting together a “range of options” for changes to policy and will be discussing the first draft of this with the board next week. “One of those is that we review our alcohol policy more generally, not just for trading rooms, but more generally to ensure that we’ve got those settings right.”
Elliott earlier told Australian lawmakers that three people had left the bank following a number of allegations that relate to conduct. He cited complaints from staff of employees returning to the trading floor having consumed an unreasonable amount of alcohol.
There will be “a massive series of changes to ensure these things don’t happen again,” he said.
Elliott was testifying along with the other CEOs of Australia’s four-largest banks, part of a two-day hearing in Canberra. It is part of an annual review into lenders that spans a wide range of topics including scams and banker pay.
(Adds details on testimony in final paragraph)
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