Top Banking Executive Expresses Reservations About Implementing Office Alcohol Ban
As Australia’s fourth-largest lender navigates a series of high-profile scandals, its CEO is weighing the feasibility of prohibiting alcohol in the workplace. Shayne Elliott, chief executive officer of ANZ Group Holdings Ltd., believes that enforcing such a policy would be a complex task, particularly given the nature of the bank’s business.
In an interview, Elliott acknowledged that while he doesn’t condone excessive drinking, banning alcohol altogether would be challenging to implement and maintain. He cited the bank’s frequent client engagements, events, and lunches as examples of situations where staff may be expected to consume alcohol.
Although Elliott stopped short of committing to a bank-wide policy, he did suggest that prohibiting drinking on the trading floor could be a reasonable measure. The Melbourne-based bank is currently re-examining its workplace policies following allegations of staff misconduct, including incidents involving alcohol.
Elliott emphasized that the bank is taking allegations of cultural and conduct issues seriously, and has hired external legal counsel to investigate claims of overstated bond dealings. He also acknowledged that the buck stops with him regarding the trading unit’s alleged missteps.
In other remarks, Elliott highlighted Singapore as the bank’s largest operation outside Australia, with plans for further growth in China to support multinational clients. He also expressed enthusiasm about India as a significant growth opportunity for ANZ, and hinted at potential acquisitions in the fintech sector.
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