ANZ chairman, Charles Goode and former chief executive John McFarlane had a long running turf war over who owned the ANZ legacy. Goode lasted the distance, but with the toll of the recent credit crisis on the bank, who would now want that legacy on their resume?
McFralane wanted to reduce risk for the bank. Even before the crisis ANZ was at risk and struggling in other divisions.
Add to this the now bizarre fact that Steve Targett, who was the bank's head of institutional banking (the division responsible for corporate lending), is seeking $57 million in damages for missing out on McFarlane's job.
ANZ is the Australian bank most affected by loans to troubled companies, due to its loans to stockbroking firms Tricom and Opes Prime.
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