Original article by Angira Bharadwaj, James Eyers
The Australian Financial Review – Page: 18 : 25-Feb-26

The ANZ Bank withheld some $32m worth of bonuses to some current and former executives in 2025, in response to the regulatory failing that resulted in a record fine. The executives included former CEO Shayne Elliott, who subsequently pursued legal action to recover more than $13.5m in bonuses that had been cancelled. Elliott contended that ANZ had breached the terms of his departure by withholding his bonuses. The bank has welcomed Elliott’s decision to abandon the lawsuit, and has advised that both parties will pay their own legal costs. Elliott is entitled to an additional $8m worth of future bonuses, which may also be in doubt.

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