Australia's ANZ Bank sheds 8 senior staff

Australia & New Zealand Banking Group Ltd. has fired eight senior executives and managers after a review of the bank's involvement in the multimillion dollar collapse of stockbroker Opes Prime, an official said Friday.

A string of other employees face disciplinary action including having their pays reduced as a result of the internal review at Australia's fourth largest bank, Chief Executive Mike Smith said.

Melbourne-based ANZ was the chief secured creditor of Opes Prime, which collapsed in March after the bank called in a 650 million Australian dollar (US$571 million) loan during a credit crisis.

Hundreds of Opes Prime clients lost money …