ANZ Group Holdings (ASX:ANZ) lost its entire Singapore-based credit trading team to a rival bank, a major blow to its profitable Asia-focused credit business, according to a Tuesday report by The Australian, citing several unnamed sources.
The team, which generated up to AU$70 million in annual revenue, informed ANZ late Monday of their departure, with Standard Chartered reportedly the recipient, per the report.
The move follows frustration among traders over slashed bonuses, linked to an ongoing investigation into alleged market manipulation in ANZ's Sydney trading team, the report said.
In response, ANZ reduced executive bonuses and faced a broader loss of confidence in its markets business, including leadership shifts.
Key figures, including the director of credit trading at the bank, have left and sources suggest further departures are likely as other banks, including Barclays and UBS, ramp up recruitment efforts.
ANZ did not immediately respond to a request for comment by MT Newswires.
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