News of ANZ chief executive David Hisco stepping down after concerns were raised into his personal expenses has been labelled "outrageous" by some of the bank's union members.
The bank announced yesterday that chief executive David Hisco was leaving his role after almost a decade after concerns were raised about his use of corporate chauffeured cars. His exit came amid an internal review of his personal expenses, and health concerns.
However, Mr Hisco will not be required to pay back the tens of thousands of dollars spent on personal wine storage and chauffeur-driven cars.
Mr Hisco did not accept all of the concerns raised by the bank's board, chairman Sir John Key said yesterday.
First Union general secretary Dennis Maga told 1 NEWS today "we have multiple ANZ members who actually messaged us about this news about David Hisco, and they actually claim that this is outrageous."
Mr Maga said workers were upset due to a previous pay dispute and the dismissal of requests for more staff in branches.
"David Hisco said to them, 'Why should I give them a pay rise just for waking up early in the morning?' and now you are hearing your CEO spending this lavish lifestyle with this wine in his car and he's actually being rewarded," he said.
"If it ever happened to our members, there will be dismissal straight away and they will be required to pay back those expenses that they incurred."
He said Mr Hisco's "graceful exit" from the company was setting an unfair double standard for employees.
Mr Hisco, who was paid over $3 million annually, would receive him contracted and statutory entitlements to notice and untaken leave, but would forfeit $6.4 million in equity.
"There is a double standard that once you are CEO, you have the privilege to enjoy a multi-million-dollar graceful exit, compared to an employee. If ever the employee committed the same mistake, there would be an investigation and outright dismissal."
Mr Maga said ANZ employees would like to see "a change of conduct and culture", a "royal commission to step in and investigate" the controversy and to "see that they will be able to trust and have confidence to work in this bank."
"There should be not be double standards because it's sending a wrong message out there."