ANZ’s Singapore-based credit trading team poached by Standard Chartered, report says

SINGAPORE – The entire Singapore-based credit trading team of Australian bank ANZ has been poached by rival Standard Chartered Bank, according to the Australian media on Jan 28.

The Australian newspaper quoted sources saying staff at ANZ’s credit trading arm revealed plans to leave the bank on Jan 27, reportedly jumping ship to StanChart.

The report, which did not mention how many people made the move, said ANZ insiders estimated the Asia credit trading business brought in as much as A$70 million (S$59.2 million) in annual revenue for the bank.

Both ANZ and StanChart declined to respond to queries from The Straits Times.

ANZ credit trader Ming Wo said in a LinkedIn post that he was leaving the bank “with a heavy heart” after nearly 20 years there.

The report said credit traders Adam Hall and Timothy Teh were also among those set to leave the bank.

Sources said the departures come as many credit traders were unhappy with their bonuses and amid a regulatory probe into ANZ’s markets business. The division is being investigated by the Australian Securities and Investments Commission over allegations of market manipulation in its Sydney trading team.

Media reports said ANZ slashed the bonuses of its senior executives and figures from its institutional and corporate banking team with oversight of the markets business.

Many employees in the ANZ credit division were furious that the scandal had affected the broader markets business, according to sources cited by The Australian.

The Australian Prudential Regulation Authority in August 2024 imposed a fine of A$750 million on ANZ over risk management concerns.

ANZ has nearly 800 staff in Singapore across functions including markets, transaction banking and lending.

Its shares closed 1.13 per cent higher on Jan 28.