Those in the financial sector feel let down by allegations around the head of our biggest bank.

ANZ New Zealand CEO David Hisco is stepping down after swiping the company card for around $50,000 of chauffeuring and wine storage.

Hisco claims he thought he was entitled to the perk, but JMI Wealth's Andrew Kelleher told Mike Hosking that the CEO's salary is $3 million a year so that's no excuse.

"I've been a financial market participant for over 30 years. This is just bloody disappointing. The guy earns that much money, pay for your own taxis. for crying out loud."

Kelleher says this comes just a month after the Reserve Bank censured ANZ for "persistent failures" in calculating risk capital.

There are already calls for a banking inquiry, following the royal commission in Australia last year that shocked the country with what it revealed, and he believes this case will strengthen those call

"Discrepancies over spending, terrible timing, there will be calls for further inquiries into the sector. It increases the pressure on the board chair, Sir John Key."

 

 

 

• ANZ 'shock': Chauffeured cars, wine storage bring down boss
• Key reveals why ANZ delayed Hisco's departure