Not good, this may cause the NAB SP to be slaughtered in the same way that such schenanigans affected CBA. Hopefully ANZ can stay away from it.
Banks have cut costs too much , this sort of collapse of governance, risk and compliance is always the result just like our US banks under Presidents Bush and Obama.
When will the banks ever learn? Now they will have to hire all those folk back again to do governance, risk and compliance and that will increase costs IMHO beyond the sanctions metered out by the Aussie regulators.
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