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ANZ fallout continues

Discussion in 'Finance & Banking' started by Tropo, 25th Aug, 2008.

  1. Tropo

    Tropo Well-Known Member

    17th Aug, 2005

    ANZ's poor risk management has cost its five institutional banking heads in ten years and may halt the banks ambitious expansion plans in Asia.
    After losing up to $3 billion over ANZ's credit crisis and bad assets, the bank will be left with little acquisition budget.
    Two executives hired to lead the Asia strategy have been reassigned to roles vacated by dismissed employees.
    The financial review also reports that ANZ may sell its custodian services business as it seeks to focus on core businesses.
    The custody service, which holds assets, mostly for big corporates and institutional investors, worth about $100 million is not highly profitable for ANZ.

    Source: The Australian Financial Review