ANZ Bank fires 200 employees in Australia over misconduct
Australia's ANZ Bank has fired 200 employees, including senior executives, for bad banking behaviour, including irregularities, bank CEO Shayne Elliot said on Friday.
 
Elliot, who heads of one of the four major banks of Australia, was testifying at a parliamentary committee hearing two weeks after the Royal Commission's interim report on the financial sector was released.
 
The report concluded that banks and other financial institutions maltreated clients due to greed, Efe news reported.
 
"In the past, the ANZ has not focused sufficiently on formally holding executives to account for failures that harm customers," said Elliot, and reported the sacking of employees in the last few months.
 
The Royal Commission, established in late 2017, said banks have ignored "basic standards of honesty" and indulged in practices like charging clients -- sometimes deceased -- for services not offered, manipulating information, making false statements to get clients and intimidating disadvantaged clients.
 
Elliot accepted the conduct was shameful and counterproductive and said the ANZ has now made even senior executives accountable for misconduct. 
 
Earlier, Commonwealth Bank Chief Executive Matt Comyn and Westpac CEO Brian Hartzer appeared before the commission. While National Australia Bank CEO Andrew Thorburn will appear on October 19.
 
The commission will continue investigating the conduct of financial institutions and conducting public hearings for its final report, which is expected to be finished by February 1, 2019.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Delhi HC Admits Plea from AIBOC, issues notice to Govt on Proposed Merger of Bank of Baroda, Dena Bank and Vijaya Bank
The Delhi High Court has issued notice and agreed to hear the plea of the All India Bank Officers' Confederation (AIBOC) challenging the proposal by the Central Government to amalgamate Vijaya Bank and Dena Bank with Bank of Baroda. 
 
AIBOC, with membership of more than three lakh bank officers across India, is contending that the process by which the merger decision has been taken is in violation of the Bank Nationalisation Acts (1970/80) and the Banking Regulation Act (1949) and the Constitution.  
 
According to the Association says, the in-principle approvals given by the banks' boards are void as the posts of workmen and non-workmen directors on the bank board has been kept open for years by the government. "The decision to give approval to amalgamate the entities cannot be validly taken without the participation by the workmen and non-workmen directors, who are important stake holders in such a decision," it added.  
 
AIBOC also contended that the process has unlawfully ignored the role of the Reserve Bank of India (RBI) and that the union government is thrusting the amalgamation decision onto RBI, which is supposed to be an independent regulator of the banking sector.
 
The plea (WP (C) 10954/2018) came up for hearing before a Division bench consisting of Justice Ravindra Bhat and Justice AK Chawla. Senior Advocate Arvind P Datar appeared for AIBOC. Central Government and Bank of Baroda were represented by the newly appointed Solicitor General Tushar Mehta and ASG Maninder Acharya.  
 
Next hearing of the case will take place on 29 October 2018.
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COMMENTS

Ramesh Poapt

2 months ago

jaise ko taisa mila?!

Dayananda Kamath

2 months ago

It means AIBOC learnt the lesson from corporation bank episode to fight a legal battle.
In corporation bank AIBOC unit forced the management to introduce VRS, A rare case in the history of trade union. Just to benefit some members and to retain its majority status as these members threatened to resigning from the union.
A special Board meeting was called for just to approve the VRS to officers. At that time majority clerical union was opposing VRS. And the workmen union Director on the board as a last resort pointed out that the share holders representative directors are not there in the board as their term expired. Taking such vital decisions without representatives of stake holder is illegal. RBI and Govt Directors concurred hence it was deferred.
This VRS led to the downfall of Corporation bank as Majority union lost moral right to demand staff.

REPLY

Dayananda Kamath

In Reply to Dayananda Kamath 2 months ago

The battle for Board Room seat, business line dtd 12/10/2017
It has come at right time there are no employee and officer director in non of the public sector banks as on date. The good governance mismanagement of Public sector banks.
In Corporation Bank when a note for new branch is to be presented it used to have a para how the additional staff will be sourced for the new branch to be opened.
Excess staff from the region will be redeployed was the standard phrase.
It was high time of cross fire between recognised employee union opposing VRS and recognised officer union demanding VRS as given in other banks.
The employee Director raised the issue of how many excess staff are there in region to deploy on these notes. The department completely withdrew that para itself from board note and non of the board members objected to this practise.
So what deference does it make who is director if vital particulars are conveniently removed, and decisions are taken and approved.
Once again good governance by scam free Govt.

Dr.Dhananjaya Bhupathi

2 months ago

https://www.moneylife.in/article/delhi-hc-admits-plea-from-aiboc-issues-notice-to-govt-on-proposed-merger-of-bank-of-baroda-dena-bank-and-vijaya-bank/55536.html
1. It is a prudent, bold and timely decision by AIBOC headed by Comrade D.T.Franco, the GS of AIBOC & ITS EXECUTIVE COMMITTEE.
2. It is most annoying to note ‘CONSPICUOUS SILENCE OF AIBEA, THE WORKMEN UNION,’ headed its GS.,Comrade Ch.Venkatachalam and all other affiliates of UFBU.
3. All the bank employees + the retirees pin all hopes on UFBU/CBPRO/AIBRF leadership to coe to their senses & support AIBOC’s writ petition in Delhi HC.
4. SATYAMAEVA JAYATHE!!!

Ravindra Dave

2 months ago

Why d PSU Bank should be amalgamet ? Why not culprit corporate heads & all d big bosses of PSU Bank r to be charged? Let's seized their properties nd send all culprits to a jail for a minimum 5 yrs imprisonment.

Ravindra Dave

2 months ago

Why d PSU Bank should be analyst? Why not culprit corporate heads & all d big bosses of PSU Bank r to be charged? Let's seized their properties nd send all culprits to a jail for a minimum 5 yrs imprisonment.

REPLY

In Reply to Ravindra Dave 2 months ago

India does not need so may bank, either they amalgamate or closed. because all are ruined the public fund, it is not the only story, many more yet to come.

Rupee at new low of 74.46/$
The Indian rupee slipped to a fresh record low of 74.46 to a US dollar during the morning session on Thursday.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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