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AUSTRALIA & NEWZEALAND BANKING GROUP

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AUSTRALIA & NEWZEALAND BANKING GROUP Executive Summary The purpose of the report is to analyse a listed company in Australia fighting with ethical and governance issues. The report has selected ANZ Bank for this purpose. Australia and New Zealand Bank ANZ has been operating since 180 years, the company has been operating globally in more than 34 international markets. The bank has a strong presence in Australia, New Zealand, Europe, Middle East Pacific and Asia. The bank lies among the top four in Australia, while is the largest bank in New Zealand, while is also included in the top 50 banks of the world. Two former trader of ANZ sacked the banking group for inappropriate behaviours. The bank was also sued for 10M dollars for drugs and alcohol culture shown by the senior staff members on the dealing floor. ANZ bank announced that the shareholders of the company will be receiving lower dividends and a small reduction in the upcoming profits due to bad debts and extensive regulatory actions since the financial crises. The allegations faced by ANZ and other banks effected their market reputation badly, which is evident from the survey results of consumer satisfaction in banking sector. As per the results of the study the satisfaction of the consumers dropped from 80.5% to 80% since January 2016 to March 2016. The efforts of sustainability depicted by ANZ have revealed a clear schism in the symbolic and substantive efforts towards sustainability. Because in 2014, ANZ was named as the most sustainable company and the leaders in the global banking sector by Dow Jones Sustainability Index. While on the contrary, public image of ANZ bank has remained in the wake of range of scandals like rate fixing allegations, providing dodgy financial advices, disputed fees issues and insider trading Table of Read More …

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