ANZ Bank has dared to sacked traders who slapped the bank with a multi million law suit alleging a culture of sex and drugs. The litigants, Etienne Alexiou and Patrick O’Connor were former ANZ traders. Sacked in 2015 for “serious breaches of ANZ’s code of conduct, policies and values,” the two traders have now raised a law suit loaded with allegations of sleazy charges of sex, drugs and booze among the senior traders in the bank.
They said drug use on the dealing room floor is rampant and there is a high dose of inebriation among the senior traders in the global market division.
According to Alexiou, his first day in ANZ began with a trip to a strip club in Sydney. He claimed he was accompanied by ANZ’s global head of fixed income, Rob O’Callaghan and two female HR staff, reports the Australian Financial Review.
In its response, the bank said it will not shy away from the law suit and defend the multi-million-dollar legal suit to the hilt.
“ANZ will be vigorously defending both their court applications,” ANZ chief risk officer, Nigel Williams said in a statement.
The official said sacked trader O’Connor’s was facing the charge of abusing a company credit card. He said both the traders had indulged in highly offensive electronic communication.
In their separate claims, Alexiou demanded AU$ 30 million and O’Connor sought AU$ 5 million as compensation to cover damages, lost bonuses and lost income.
“We have already identified that many of the allegations made in both claims are not accurate and these inaccuracies will become apparent as the matters proceed through the court system,” ANZ said.
Meanwhile, ANZ Bank’s Chief Executive Officer Shayne Elliott also joined the issue stated and warned that misbehavior of some personnel in the bank’s marketing team, in the past, was “unacceptable.” Warning that ANZ is “committed to action” as it believes in an inclusive culture, Elliot promised to take corrective steps.
Elliott took over as CEO on Jan. 1. His tweet was the first public reaction after news broke that ex-traders have slapped a lawsuit on the bank, reports Bloomberg. It may be recalled that the new allegations are haunting the bank as corporate watchdog Asic is probing the bank’s bill swap rate.