Banks in the sh*t? That caught your attention, didn't it!

[Im2Sexy4MyPants]

Bad employers should be put up against a wall along with crooked capitalists and shot dead.

you should go to china they do it there all the time

and i thought you were anti gun

[reality]

kj.."Bad employers should be put up against a wall along with crooked capitalists and shot dead."

..I thought you were against the death penalty....have you changed........are you in favour of the death penalty now?

[nitpicker1]

Following an investigation, ASIC has banned Mr Ben Cheung of Epping, NSW, from providing financial services for ten years.

Mr Cheung was an authorised representative of Australia New Zealand Banking Group (ANZ) during the time the misconduct, for which he was banned, took place.

ASIC banned Mr Cheung after finding he contravened financial services laws
ASIC’s investigation found that between April 2013 and March 2014, Mr Cheung engaged in misleading and deceptive conduct by:

forging signatures of clients on statements of advice, investment instruction forms and an investment withdrawal form;
creating false bank documents, namely ANZ Advisor Diary Notes; and
creating false documents, namely Nil Advisory Service forms.
ASIC Deputy Chair Peter Kell said, ‘Cracking down on  behavior like this goes to the heart of maintaining consumer trust and confidence. The banning of Mr Cheung demonstrates ASIC’s Wealth Management Project is identifying and tackling this kind of fraudulent behavior.’

Mr Cheung has appealed to the Administrative Appeals Tribunal for a review of ASIC’s decision.

http://www.professionalplanner.com.au/cut-and-paste/2016/01/14/asic-bans-former-anz-bank-adviser-for-ten-years-42931/

[nitpicker1]

[nitpicker1]

ANZ boss Shayne Elliott breaks silence on scandal
 

January 17, 2016 - 3:52PM

The boss of Australia and New Zealand Banking Group, Shayne Elliott, has broken his silence on the trading floor scandal that erupted last week to defend the bank's culture but at the same time decry behaviour in the past.

Two former senior bank employees have launched unfair dismissal claims against the bank alleging it condoned a culture that tolerated booze, strip clubs and drugs.

The bank has issued statements casting doubts on some of the claims but also vowing to stamp out behaviour not consistent with its code of conduct


Read more: http://www.smh.com.au/business/banking-and-finance/anz-boss-shayne-elliott-breaks-silence-on-scandal-20160117-gm7mqx.html#ixzz3xZ60w0VY

[nitpicker1]

For retail bank customers the goings-on in the ANZ’s global markets division will seem far removed from any reality they know – more like the actions of creatures from outer space than the people they see behind the counter at their local branch.
As revealed by the Financial Review, the bank has attempted to discipline former staff in the global markets division for alleged misbehaviour of various kinds.
In turn, the staff in question are suing the bank for loss of earnings and damages, arguing that the culture of the division was toxic, and caused their behaviour to diverge markedly from the bank’s stated code of conduct.
Money market traders don’t invent or produce anything. They can’t cure cancer, or rid the world of slavery or bring peace to a war zone. They shuffle money around and make a profit. ...

...Drug taking appears to have been common at ANZ – certainly references to it as routine appear in the court documents. Bad language is frequent.
But if these flaws – though regrettable, and not to be condoned – might be shrugged off as the inevitable accompaniment of work in a fast-paced, high-pressure environment, the rampant sexism also alleged to have occurred cannot.
Derogatory comments about women were made frequently in emails and other communications between ANZ’s traders. The successful hiring of one of the applicants now suing the bank was celebrated at a lap-dancing club, with two female human resources officers in tow.
These incidents suggest a pattern of behaviour which the bank will – quite rightly – find embarrassing.

http://www.smh.com.au/comment/smh-editorial/too-much-money-adrenalin-and-primitive-instincts-20160118-gm8822.html

[nitpicker1]

Before he was Eddie at ANZ, he was Eduardo at Dresdner Kleinwort

Jan 20 2016 at 11:00 PM
 Updated Jan 21 2016 at 2:51 PM

It's what the lawyers might call an interesting precedent. It's also a fun new angle to the lawsuit brought against ANZ by two of its dismissed former traders, Etienne Alexiou and Patrick O'Connor, who are suing over unpaid bonuses, and making claims of a "toxic culture" within the bank.

As it turns out, their former boss Eddie Listorti – the new acting head of global markets and the man who signed O'Connor's termination letter – did exactly that, and with some success, back in 2009. Sued over unpaid bonuses that is. He didn't go in for all this toxic culture stuff.

Before he joined ANZ, Eddie worked at the investment bank Dresdner Kleinwort in a senior trading role. Back then he was known as Eduardo Listorti, at least in the court documents. 

As was the fashion back in the global financial crisis, the once mighty Dresdner Kleinwort got into major trouble. It was bought out by the German bank Commerzbank before the brand was closed entirely in 2009.
 
That was after the investment bank lost €6.3 billion ($9.9 billion) in 2008, which contributed to Commerzbank begging the German government for $US25.6 billion of balance sheet support. The old fat cats turn socialist routine.


http://www.afr.com/brand/rear-window/before-he-was-eddie-at-anz-he-was-eduardo-at-dresdner-kleinwort-20160120-gma026

[nitpicker1]

O'Connor is claiming he was unfairly dismissed by ANZ. The bank points to company credit card abuse and offensive messages on Bloomberg terminals – on "gang bangs", naked sushi banquets and such like ...

... On March 22 a hearing date will be allocated for fellow dismissed trader Etienne Alexiou, who is suing the bank for $30 million over lost pay and bonuses. It's also in the Federal Court and will be presided over by Justice Nye Per



Read more: http://www.afr.com/brand/rear-window/anz-20160128-gmftav#ixzz3ybsHgvwQ

[reality]

..Jeeezzz...I feel so out of touch...didnt even know nz had a federal court

[nitpicker1]

It's sometimes wise to click a link to avoid appearing a wee bit   really  stoopid.
             

[reality]

...oh...sorry thought it was an NZ thing...not world news..so the NZ ANZ workers are in the clear

[nitpicker1]

Haven't you heard of the perils of skim reading? I think you're still missing sumpin
   

[nitpicker1]

Banks fined   

http://nz.search.yahoo.com/search;_ylt=A0oGkmPp7jlQJDsAIhLzZgx.?p=banks%20fined&fr2=sb-top&fr=chr-hp-psg&type=HPNTDF&type_param=HPNTDF&rd=r1



NZ bank practices 'predatory'
RICHARD MEADOWS

Last updated 05:00 25/08/2012

An Australian consumer rights activist claims New Zealand banks used predatory lending practices to profit from widespread mortgage fraud.

Denise Brailey has sparked calls for a royal commission into the Australian banking sector on the same issue, and hopes to head to New Zealand this year to continue her crusade. Addressing the Australian senate this month, she outlined the systematic abuse of “low-doc” loans during the pre-financial-crisis property boom.

Brailey has documents alleging the asset-rich and income-poor were specifically targeted by lenders in a grab for title deeds, with application forms doctored to push the loans through.

Brailey, the Banking and Finance Consumer Support Association founder, has "no doubt" the fraud occurred on both sides of the Tasman. Four of New Zealand's major banks are Australian-owned.

Of the hundreds of indebted New Zealanders she met on a visit in 2008, many were retirees whose loan applications had been falsified to inflate income details or to say they were self-employed.

Most had no real means to repay the loans, which were often taken out to buy into property investments such as the failed Blue Chip scheme.

“It appears the banking industry believes that the customer should be blamed for purchasing the faulty product [low-doc loans] in the first place,” Brailey said.

Major banks no longer advertise low-doc loans, and consumer law is being amended to strengthen responsible lending practices.

But it was a New Zealand mortgage broker operating locally who originally helped Brailey piece together a key part of the puzzle, she said.

He described bank officers visiting brokers to make sure they were using debt servicing figures on loan forms that would meet lending criteria.

“I was told if you didn't do it that way, you didn't make any money,” Brailey said.

This month a former award-winning broker in Australia admitted to the same fudging of figures. Kate Thompson, now facing fraud charges, said she received big commissions for inflating asset and income details to get loans approved.

"Hook me up to a lie detector test and hook them up," Thompson told ABC News. "I'll lay my evidence on the table. They will fail a lie detector test miserably. They are corrupt. They are protecting each other."

Australian senator John Williams has called for a royal commission, but New Zealand authorities have remained inactive.

Brailey met then-Commerce Minister Lianne Dalziel four years ago. “I can't say categorically to Dalziel that she did nothing, but it didn't go anywhere,” she says.
 
Lenders have been able to distance themselves legally from often grossly irresponsible lending through a chain of intermediaries.

The loophole was cemented in New Zealand by a landmark case between GE Money and Whangarei pensioners Bruce and Dorothy Bartle, who were lent $630,000 for a Blue Chip investment.

Like many others the Bartles' application form had been altered by a third party in order to secure a loan they had no hope of repaying.

An early victory in the Court of Appeal ruled the contract oppressive, but it was overturned by the Supreme Court, which said it would be wrong to hold GE culpable.
Bankers' Association chief executive Kirk Hope said New Zealand banks were responsible lenders, and had reduced their reliance on the mortgage broker channel.

“It's simply not in banks' interests to lend to people who they know are unlikely to meet their commitments,” he said.

- © Fairfax NZ News
http://www.stuff.co.nz/business/industries/7545253/NZ-bank-practices-predatory

SSSNNNNOOORRRRRT


see also: http://www.stuff.co.nz/business/money/4419738/Blue-Chip-investors-lose-in-Supreme-Court

back to the start in this thread

ANZ credit card fee battle reaches High Court of Australia

By Elizabeth Byrne 

Updated yesterday at 1:37pm


Bank customers could be eligible to be reimbursed hundreds of millions of dollars in credit card late payment fees if a challenge beginning in the High Court in Canberra today succeeds.
 

read this and related stories at
http://www.abc.net.au/news/2016-02-04/anz-credit-card-fee-battle-heard-in-high-court/7139674

[nitpicker1]

 


Drugs, strippers and ‘toxic culture’: Australian bank sued for $30m

ANZ is embroiled in a legal case after a trader was sacked for breaching its code of conduct


about 19 hours ago


Padraig Collins in Sydney

When trader Etienne Alexiou was poached from Barclays to join Australia’s third largest bank ANZ (Australia and New Zealand Banking Group) in 2011, he was paid about 3.7 million Australian dollars (€2.4 million) to compensate for the bonus and share incentives he would no longer be getting. After that, the money got serious.

Between 2012 and 2014 Alexiou got bonuses from ANZ of A$11.3 million in cash and deferred shares. He lived in a mansion worth A$7.2 million in Point Piper, Australia’s most expensive street, where one of his neighbours was prime minister Malcolm Turnbull.

Life was good. Until it all came apart.

Alexiou was sacked last September for “serious breaches of ANZ’s code of conduct, policies and values”. His mansion is for sale and he is suing ANZ for A$30 million to cover deferred shares, bonuses and the loss of future income.

On the evening in June 2011 after Alexiou signed his contract with ANZ, the bank’s then global head of fixed income Rob O’Callaghan met the new employee.

According to court documents the pair, accompanied by two female human resources employees, celebrated Alexiou’s recruitment at a lap-dancing club near the bank’s then headquarters in Martin Place, the heart of Sydney’s financial district.

read the rest
http://www.irishtimes.com/business/financial-services/drugs-strippers-and-toxic-culture-australian-bank-sued-for-30m-1.2578787

[nitpicker1]

ANZ to refund $5 million to 25,000 low-income customers including pensioners and Centrelink recipients
 

Date

 March 30, 2016 - 4:02PM


ANZ will refund $5 million to 25,000 vulnerable, low-income customers with basic bank accounts after it charged incorrect late-payment and over-limit fees during  seven years. 

ANZ failed to properly apply fee reductions and waivers to customers who held both an ANZ Access Basic account and an ANZ consumer credit card or ANZ Everyday Visa Debit card, according to a statement by the Australian Securities and Investment Commission.


Read and watch the rest at

http://www.smh.com.au/business/banking-and-finance/anz-to-refund-5-million-to-25000-low-income-customers-including-pensioners-and-centrelink-recipients-20160330-gntyvy.html

au

[nitpicker1]

OOOOOOPS.     So many headlines  just one story

------------------


Sacked ANZ trader says bank tolerated drugs, strip clubs



http://www.stuff.co.nz/business/world/75917821/sacked-anz-trader-says-bank-tolerated-drugs-strip-clubs

http://www.stuff.co.nz/business/world/75935633/why-the-women-at-anz-bank-felt-they-had-to-shut-up-and-play-along

http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=115742

ANZ debt bomb: sacked trader hits back

April 23, 2016 12:00am
Jeff WhalleyHerald Sun

A TRADER who was sacked by ANZ has accused his former employer of selling investment products that the bank expected would lose value.

In explosive allegations levelled in court documents, Etienne Alexiou says the bank issued $US2.25 billion in debt products in mid 2014 even though it thought the investment would “devalue”.
ANZ rejects the claims.
Mr Alexiou rose to prominence in January after launching a $30 million unfair dismissal suit against his former employer. ...

Read More at
http://www.heraldsun.com.au/business/anz-debt-bomb-sacked-trader-hits-back/news-story/54a6739cc063117145b8f1e1c8421a54