A review of ANZ's business practice has exposed weaknesses in management and code of conduct breaches in governance and accountability within its securities lending business.
The internal review found ANZ had not adequately identified and managed the range of risks arising from the operation of the equity finance business, part of ANZ's securities lending unit, ANZ chief executive Mike Smith said.
The bank has taken action with the departure of six managers and executives, and two employees leaving due to breaches in the code of conduct.
"We have dealt...with the accountability issues and have a comprehensive remediation in place to address the shortcomings in management and control we have identified, particularly within risk management and the institutional division," Smith said.
ANZ would not speculate on the nature of departures but did confirm certain changes.
ANZ's head of risk for the Asia Pacific region Chris Page has been hired as chief risk officer, replacing David Stephen who will leave the bank.
Asia Pacific group managing director Alex Thursby has been appointed acting group managing director for the institutional division.
Thursby replaces Peter Hodgson who is also leaving ANZ, while an executive search is undertaken to fill the role.
