The Australia and New Zealand Banking Group (ASX: ANZ) share price is up around 7% today after the release of the Royal Commission Report.
ANZ is a leading Australian and New Zealand banking institution, with a presence throughout the oceanic region. ANZ is one of the Big Four Aussie banks and derives much of its revenue from mortgages, personal loans and credit.
ANZ shares rise
The ANZ share price is up 7% as investors reacted to Commissioner Hayne’s findings and recommendations.
Whilst giving the big banks of ANZ, National Australia Bank Ltd (ASX: NAB), Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) a serious slap on the wrist for the culture, governance and systems, there was no crushing changes such as the ones mortgage brokers face.
ANZ CEO Shayne Elliott said in an ASX release, “I recognise the size and nature of our compliance and culture challenge. And I am determined we deal with it.” He said the bank is committed to ensure the failures aren’t repeated.
He was perhaps trying to win some brownie points on the day of the release by selling Big Issue magazines.
Many investors seem to think that the big banks, including ANZ, are buys today. I’m not entirely convinced they’re out of the woods until the Australian housing market stops declining so rapidly. Until then, I have quality ASX growth shares on my watchlist such as the ones mentioned in the free report below.
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