Business

Banking & finance

Executive pay

Opinion

Clawing back millions from top bosses isn’t easy but one bank just did it

Elizabeth Knight Business columnist November 10, 2025 — 3.57pm

Not since former Qantas boss Alan Joyce was stripped of $9 million in bonus pay have we witnessed a former chief executive’s hip pocket denuded like ANZ’s former boss Shayne Elliott.

His bonus payment has been ransacked to the tune of $13.5 million as a result of a series of regulatory failures under his watch that cost the bank $240 million in fines and unmeasurable damage to its reputation.

In doing so, the ANZ has created a new high watermark for executive remuneration consequences.

Such an outcome might have the hallmarks of public relations gold for accountability, but the ANZ’s board

See Full Page