ANZ share price sinks on APRA bombshell
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The ANZ Group Holdings Ltd (ASX: ANZ) share price is sinking on Thursday.
In morning trade, the banking giant’s shares are down 3.5% to $28.62.
Why is the ANZ share price sinking?
Investors have been hitting the sell button today after the big four bank confirmed that it has entered into a court-enforceable undertaking (EU) with the Australian Prudential Regulation Authority (APRA). This is in relation to shortcomings in its non-financial risk management practices and culture.
The move follows ongoing discussions with the regulator and a previously identified need to lift standards within parts of ANZ’s business — particularly its Global Markets division.
As part of the undertaking, ANZ will carry an…
