ANZ boss Shayne Elliott must be feeling like a $10 billion Easter bunny

ANZ boss Shayne Elliott must be feeling like a $10 billion Easter bunny

It isn't looking like a happy Easter for ANZ boss Shayne Elliott.

Shares slumped again on Thursday after the bank ratcheted up the cost of its exposure to the resource sector by another $100 million.

This is on top of the $800 million in troubled loans it owned up to in February, and its new boss might be wondering when the fun bit begins.

Based on CBD's calculations the stock has now dropped about $10 billion in value since Elliott's tenure began, which puts him on a trajectory that even Telstra's boss, Andy Penn, would find hard to match.

ANZ Bank chief executive Shayne Elliott.

ANZ Bank chief executive Shayne Elliott.

Photo: Vince Caligiuri

And the news will not get much better next week, when the ABC's Four Corners presents its heavily publicised program into the unexplained billion-dollar wealth of Malaysian prime minister Najib Razak.

The money was put into Najib's accounts at AmBank, ANZ's local affiliate.

Elliott stood down from AmBank's board in October last year citing "workload commitments".

No wonder he is trying to backpedal on the underperforming Asian expansion strategy of his predecessor, Mike Smith.

Illustration: John Shakespeare.

Illustration: John Shakespeare.

And did we mention the ASIC investigation into the rigging of bank bill swap rates which has already seen ANZ suspend some of its traders?

But at least Elliott won't have to front on Four Corners over the matter – not like his counterpart at Commonwealth Bank, Ian Narev, who was put under a rather excruciating spotlight this month over the bank's latest customer fiasco.

Judgment app

A court battle over boasting rights for the best real estate app in Australia, between Fairfax Media's Domain and Rupert Murdoch's REA, has had its lighter moments this week.

Especially when it came to some of the rather stretched analogies about what makes something 'the best'.

"Imagine if there was a law firm named the best of this year. Let's say Slater and Gordon were ranked best law firm of the year," said REA barrister, William Houghton, QC.

And was there any ex Slater and Gordon lawyers in the court. Oh yes there was.

That would be the presiding Federal Court judge, Bernard Murphy.

Good thing he has a sense of humour and was laughing at that one.

Not that Houghton was going to push it.

"Perhaps that's a bad example," Houghton then said before naming another firm.

Earlier in the week it was the turn of Fairfax barrister Timothy McEvoy, saying that for example there could be an app about who is the best judge, just as Domain claims to have the "best" property.

"Some people will have the view that your go out is the best judge," he said of Justice Murphy.

Then, for no reason, piano music started playing over the court room speakers.

Just a few bars, a few seconds, but it was enough to confuse everyone and led Justice Murphy to quip: "That's heaven."

Long board

You can't accuse CBD's favourite nuclear physicist Ziggy Switkowski of not backing himself.

He has added a Healthscope directorship to his list of duties, and is obviously a favourite of its chairman Paula Dwyer.

"His broad business acumen and depth of public company experience will complement the skill set of the Healthscope board," said Dwyer.

She is also Ziggy's chairman at Cambodian gaming market aspirant Tabcorp.

Then there is his board role at Oil Search and his role chairing Suncorp. He also chairs NBN Co, and is RMIT's vice-chancellor.

Nothing too arduous for our Ziggy. Especially since it is not his first time round with Healthscope.

Switkowski first joined the Healthscope board in 2006, soon after his rather abrupt departure from Telstra.

This ended in 2010 when Healthscope acquired by a consortium of privateers led by TPG and the Carlyle Group.

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Colin Kruger

Colin Kruger is a business reporter. He joined the Sydney Morning Herald in 1999 as its technology editor. Other roles have included the Herald's deputy business editor and online business editor.

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