The boss of ANZ has offered an unreserved apology for widespread misconduct including the bungling of a multibillion dollar bond sale and ripping off customers.

Chief executive Nuno Matos said the failures, which led to the bank being slapped with a $240 million penalty, were the result of a lack of self-awareness and a "good news culture".

"The bank fell short of what is expected of us, and for that, I offer an unreserved apology," he told a parliamentary inquiry into the big four banks on Wednesday.

The corporate regulator whacked ANZ with the record fine for a number of breaches, including incorrectly reporting bond trading data while managing a major government deal, which potentially cost the commonwealth $26 million.

The Australian Securities and Investments Commission (ASIC) als

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