ANZ Singapore-based credit team tipped to leave amid market business headwinds

Rumours are swirling that ANZ Group (ASX:ANZ) has been hit with the loss of its entire credit trading team based in Singapore, as the ‘Big 4’ bank faces headwinds from an ongoing ASIC (Australian Securities & Investments Commission) investigation into its markets business.

The team – a crucial component of the ‘Big 4’ bank’s Asian credit trading business, which nets up to $70 million a year – was said to have communicated its desire to leave late on Monday.

Additional rumours suggest they’ve been poached by rival Standard Chartered.

There was no news of these developments on Tuesday, when the ASX opened after the Australia long weekend – a day in which ANZ was trading higher, with shares at $30.52 (at 14:54 AEDT); a rise of 1.13% since market open.

ASIC is continuing its examination of the bank about its role in a $14 billion government bond sale. The regulator has labelled the case the ‘highest priority.’ The Federal Court dismissed an appeal by ANZ in October 2024.

In the wake of the scandal, the bonuses of senior executives and members of the Institutional and Corporate Banking team have been cut.

And with some credit traders confirmed as leaving – such as Ming Wo, who has worked for ANZ in Singapore, Sydney and London – others are rumoured to be on the way out, such as Timothy Teh and Adam Hall.

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