Federal Court exposes ANZ traders' 'slaughter and ram' workplace culture
Federal Court judgment exposed ANZ traders' toxic culture of violent language and sexual harassment.
A Federal Court judgment published Monday exposed a toxic workplace at ANZ's trading division more than a decade ago. Justice Nye Perram found the trading floor was 'Hobbesian', characterised by pursuit of multimillion-dollar bonuses and 'the urge to slaughter, pummel, smash or ram'.
Traders spoke openly of 'shattering' rates to manipulate markets. Swearing was pervasive and drinking common, even among senior management.
The court found 'sexist behaviour which did not by any means stop short of sexual harassment' happened openly. In 2013, the managing director of global markets sexually harassed a female employee P at a bank-hosted dinner, badgering her for her room number, blocking her from leaving and manhandling her.
Former trader Etienne Alexiou, sacked in 2015, won a breach of contract claim worth about $5 million. ANZ settled allegations around interest rate manipulation for $50 million in 2017.
- $50 million for interest rate manipulation
- Settlement amount
- $5 million breach of contract claim
- Trader's award
Why it mattersThe judgment documents how a culture of recklessness and sexism at the top cascaded through the entire trading division, leading to market manipulation that cost the bank tens of millions.
AustraliaANZ's toxic trading culture from a decade ago is now officially documented; the judgment may influence how Australian banks address workplace conduct going forward.
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