Criminal cartel charges laid against ANZ, Citigroup, Deutsche Bank

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Australia’s competition watchdog has laid criminal cartel charges against the ANZ, Citigroup and Deutsche Bank as well as six senior executives.

It relates to a $2.3 billion share issue in 2015 and the trading of ANZ shares held by Deutsche Bank and Citigroup.

While it was expected that some charges were pending, the seniority of some of those executives facing charges was unexpected.

Kevin Davis is Professor of Finance at Melbourne University and Research Director at the Australian Centre for Financial Studies and he spoke to ABC NewsRadio’s Steve Chase.

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