ANZ Bank CEO Shayne Elliott says he was embarrassed and shocked by revelations in the financial services commission on how the bank treated some of its customers.
The royal commission has labelled the actions of the major four banks — including charging for services not provided — as dishonest and the result of greed.
Elliott is the third bank CEO to appear before a parliamentary committee this round of hearings. The Commonwealth and Westpac appeared yesterday.
Tim Wilson, a Liberal MP and the House of Representatives committee chair, asked Elliott how he felt hearing in the royal commission about how the bank had treated its customers.
“It made me feel, frankly, appalled,” he said.
He found it “embarrassing and shocking”.
He previously said that a royal commission wasn’t needed but now says: “I was wrong.”
Elliott was today asked how many people had been dismissed at the bank for misconduct.
“Recently in the last year we have dismissed around 200 people for misconduct,” he replied. The bank has about 50,000 staff.
He couldn’t give an exact number but said some of those dismissed were senior executives.
“I understand that you, and the community, will want to know who has been, and who will be, held accountable for the bank’s failings,” he told the hearing.
“In truth, accountability for the misconduct examined by the Commission has been limited.
“In the past, ANZ has not focused sufficiently on formally holding executives to account for failures that harm customers.”
Elliott says he recognises this needs to change.
“If customers are harmed, those responsible can lose their jobs, their pay or their prospects within the company,” he says.
In an opening addressees to the committee, Elliott gave out his email address — [email protected] — so anyone could contact him with concerns.
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