Six observations about the cultural failings in ANZ’s markets unit

Consultants from Oliver Wyman have wasted no time in getting to work, reviewing the culture at ANZ’s markets unit. The bank brought in the firm to give it a view into the division, where internal complaints about workplace misconduct have already led to the departure of three traders.

Oliver Wyman began interviewing staff just as they were made aware of their annual bonus. Sources say the bonus pool is down by about 50 per cent across the markets division – and that’s despite it having its best year since the outbreak of the COVID-19 pandemic in 2020.