ANZ will defend multi-million dollar legal actions by two sacked employees who allege the bank condoned a culture of sex, drugs and alcohol among senior traders.
Two traders, Etienne Alexiou and Patrick O'Connor, were sacked last year by ANZ Banking Group for "serious breaches of ANZ's code of conduct, policies and values".
In separate claims, Mr Alexiou is seeking $30 million and Mr O'Connor is claiming $5 million for damages, lost bonuses and lost income following their dismissal.
The claims include allegations of drug use on the bank's dealing room floor and a toxic culture within the senior ranks of the global market division which was allegedly at odds with bank's code of conduct.
ANZ chief risk officer Nigel Williams said Mr O'Connor's dismissal related to abuse of a company-issued credit card and both Mr O'Connor's and Mr Alexiou's dismissals related to highly inappropriate and offensive electronic communication.
"ANZ will be vigorously defending both their court applications," Mr Williams said in a statement.
"Mr O'Connor and Mr Alexiou's claims are difficult to read for all of us at ANZ but common sense says their behaviours are not consistent with our code of conduct and cannot be tolerated."
Mr Williams said the bank was investigating or had already investigated allegations made by the men in relation to other ANZ staff.
"We have already identified that many of the allegations made in both claims are not accurate and these inaccuracies will become apparent as the matters proceed through the court system," ANZ said.
It comes as the corporate watchdog, ASIC, conducts an investigation into the Australian Bank Bill Swap Rate market.
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