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A Federal Court judge ruled in a wrongful dismissal case involving former ANZ executive Etienne Alexiou, exposing a toxic and sexist culture within the bank's trading division. While Alexiou won some compensation, the court also found his own conduct to be problematic.
Why it matters
The ruling highlights ongoing issues regarding corporate culture and professional conduct within the global financial services industry.
Federal Court finds ANZ global markets team was 'reckless and dangerous' (and often drunk) S By Stephen Letts
The wrongful dismissal case between ANZ's former head of global balance sheet management Etienne Alexiou and the bank has been smouldering away in the Federal Court since late last year. Finally, late on Friday there was a finding and it was damning for the ANZ.
It wasn't much better in reputational terms for Mr Alexiou but at least he won a degree of compensation, but well short of the $100 million he was seeking from the bank. It looks to be closer to around $3.3 million in shares that ANZ tried to claw back on his way out the door.
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