ANZ Failed to Face Bad News, AFR Cites McKinsey Report as Saying

McKinsey & Co. has criticized the culture and leadership at ANZ Group Holdings Ltd., saying employees at the Australian bank are reluctant to challenge and deliver bad news, the Australian Financial Review reported.

ANZ hired the consulting firm to conduct a wide-ranging review of culture and risk management earlier this year after shortcomings at the lender led the banking regulator to impose higher capital requirements.