A Wunch of Bankers: a year in the Hayne royal commission

by Daniel Ziffer

It was a complicated, galling, and gasp-inducing year at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

It wasn’t just the long list of scandals exposed to a horrified nation — charging fees to dead people, ignoring blatant conflicts of interest, and taking $1 billion from customers in fees that banks were never entitled to.

What made it so fascinating, so heart-breaking, and so enraging was the procession of faces through the witness box, and the team of counsel gazing into the dark heart of banking.

Tearful victims, blank-faced executives, hapless regulators, and a couple of utter charlatans all had their day in court, watched by an audience of millions, and revealing — in their stories — the material to justify re-shaping the multi-trillion dollar financial-services industry that forms a pillar of Australian life.

A Wunch of Bankers covers not just the big shocks, but the small moments — lost in the flurry of daily reporting — that reveal how companies have used the law, limp enforcement, and basic human behaviour to take advantage of customers.

Is there a phrase that allows life-insurance spruikers in call centres to terrify you about your impending death — and the grief-stricken ruins of an estate you’ll leave for your bereaved family — while still being legal? Yes, there is.

Was there a meeting in which a bank’s executives ignored a warning of ‘Extreme’ from its chief risk officer, to embark on a dodgy scheme that accrued $3.6 billion in funds? There was.

In A Wunch of Bankers, the World’s Oldest Debuting TV Reporter brings out the colour and grit of the royal commission’s proceedings, and explores broader issues raised by the testimony. A compelling mixture of analysis, reportage, and observation, it is a revelatory work.

Genres: Nonfiction, Business, Finance, Economics, Australia

Kindle Edition

Published July 2, 2019

Reviews

[Nat K]

What's not to love about this title?!

[Jay Dwight · Rating 4 out of 5]

Love the title. Despite this, I thought this one might be a bit of a bland read. But it was far more enjoyable than I expected. I think non-financial people will find it very readable, as Ziffer deals with the difficult subject matter in layman's terms as much as possible, and interspersed with plenty of humour. Sure some of them are Dad jokes, but used effectively to break up what could become a more mundane read.

Although I saw highlights of the Royal Commission frequently on the news, this gives more of the lower level detail and horror tales from real victims of the banks.

[Scribe Publications]

Wucking funderful.
Wil Anderson

A jolly romp across the carcass of corporate greed.
Sammy J

[A] rollicking blow-by-blow of the Hayne Royal Commission into banking ... Ziffer’s doom, gloom and snark sums up our twenty-first century tastes perfectly. Enjoy this real-life Dickensian nightmare, and despair!
Chris Dite, Readings

After covering last year’s banking royal commission, I never thought I’d want to read another word about it, but reading this book is like being next to the naughty schoolboy. The result is hugely entertaining but also affecting as Melbourne journalist Daniel Ziffer’s light touch reminds us this was about normal people who were impacted by bank wrongdoing. The book works brilliantly as a guided tour through the sordid details of the royal commission as he embraces the pettiness and absurdity of the excuse making of many of the major players. Where the banks and other financial institutions were so tone deaf, Ziffer’s ear is pitch perfect, showing warmth and respect to those who were done over as well as piquing the phoniness of excuses by the institutions. Nothing is sacred — from the extremes of corporate lies and cover-ups to laughing at pompous CEO signatures. Ziffer’s book has what the banking system was shown to lack — a moral compass and real heart.
Jeff Whaley, Weekend Gold Coast Bulletin

Daniel Ziffer doesn’t suffer from inertia. His book, A Wunch of Bankers, is a supercharged flight through the absurdity of the year he spent reporting from the commission for ABCTV.
Peter Martin, The Saturday Age

A fly-on-the-wall account of the year-long banking Royal Commission … Ziffer’s one-liners in response to Commission findings are refreshing.
Company Director Magazine

In A Wunch of Bankers, Ziffer brings out the colour and the grit of the Royal Commission’s proceedings, and explores broader issues raised by the testimony.
Australian Jewish News

‘A supercharged flight through the absurdity of the year he spent reporting from the commission for ABC TV.
Peter Martin, Sydney Morning Herald

[Guylian · Rating 2 out of 5]

Ziffer’s recount of the Royal Commission is a watery commentary on a few key themes arising during the enquiry. If you want to be spoon-fed conclusions on the financial services industry dripping in a 60 Minutes –style then this is the book for you. However, if you’d prefer a more balanced, less unfunny, less sensationalist rendition of the Royal Commission, please move on.

The narrative dumbs down the hearings into digestible segments, attempting to add a human lens through personal anecdotes and tangential pop culture references. Despite efforts to be a whimsical likeable narrator, I couldn’t escape that “here we go again” feeling, when reading through another attempt at humour around the 200th page where Ziffer compares the absurdity of no-fees-for-no-service to Natalie Imbruglia’s music career. The number of “Queue laughter” moments which fell flat really detracted from the facts of what happened during the Commission.
The blatant framing of characters made for a very one dimensional overview of the commission. For example, Commissioner Hayne is painted as the all-seeing, supremely wise Albus Dumbledore of the story. While all the executives are bucketed into the, greedy, bumbling corporate fat-cat trope, and the victims in his story were helpless and filthily exploited. With no insight as to why executives were so greedy and fallible, victims so helpless and Hayne so perfect, Ziffer gives a Hollywood style plot of little substance.

I read this book hoping to learn more about what happened during the commission. While I got a highlights reel, it came with a big brother telling me “banks are bad and stupid, lawyers are very smart, they’re good.”, plus a plethora of redundant commentary shoved into the footnotes. As a light overview of the commission Ziffer’s book isn’t terrible, however, I caution readers to expect more of a Chaser’s War on Everything than an objective Insight.

[Steven Lewis · Rating 5 out of 5]

Having worked for AMP, this was like finding out I’d been working for the mob.

[rosie · Rating 2 out of 5]

I read this cus I met the author once through an internship, it was okay but I'm sorry I'm just never gonna be a finance girly

[Bruce McCallum · Rating 5 out of 5]

An excellent read, witty but carries the nature of denial of any wrong doing very strongly. He clearly outlines with frequent reference to the hearing transcripts how the leaders of the financial institutions in Austalia could use so much double talk in an attempt to portray the associated actions as normal business behaviour.
As covered by Daniel the regulators seemed powerless and even unwilling to halt any self reported breaches of the financial codes. This is an important book which covers an inglorious time in the life of banking and the failure of regulatory oversight.

[Juliet Johnson · Rating 4 out of 5]

This is one of those books that frequently infuriates, as it sets out the appalling behaviour or the Australian banks (I'm sure they're no better elsewhere) prior to the Royal Commission of 2018/19. Daniel Ziffer manages to distil his experience of sitting through every day of the evidence really well and into the bargain, he is at times very funny with an amusing style that balances lightness and passion. I really think people ought to make the effort to read this.

[Maureen · Rating 4 out of 5]

I've always enjoyed Daniel Ziffer's commentary, even though finance isn't my bag.
However in this book he makes so many funny asides that delving into The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry becomes a very funny read as well as a shocking one. As with many things in business you keep asking yourself 'how did they ever think that they'd get away with it?'.

[David · Rating 3 out of 5]

Bankers behaving badly. After forty plus years in the industry, I wasn't really surprised with the revelations coming out of the royal commission. Book will appeal to those with an interest in the financial industry although there was too much flippancy from my perspective.

[S S · Rating 5 out of 5]

A great overview of what could have been a dry account of the royal commission. Dan Ziffer highlights the main witnesses, themes and accounts of what went down during the year in layman's terms - like a friend would open up about the dramas of a chaotically organised, unfulfilling workplace. It shines a light upon the reality of how all four of our biggest banks operate, each with a strikingly lax attitude  towards managing the funds they have been entrusted with. Its sobering how far away customer integrity is vs the drive for profit, and even more surprising- the feebleness of ASIC and APRA regulators to do anything about it. Allowing banks to charge for no services, to charge the dead, and to push exhorborant loans to those who don't need them, will hopefully be a thing of the past, after the commission and the 'Wunch of Bankers' revelations. Time will tell.

[Sonia · Rating 5 out of 5]

At over 360 pages, this was not a light read. A book on the Banking Royal Commission needed someone like Daniel Ziffer as its author. How on earth do you get through this kind of book - well, Ziffer worked it out. With honesty and a wicked sense of humour. Don't get me wrong. He does not take any of this lightly. I can only imagine the amount of work that he spent, sitting in on the hearings for a year, taking notes, doing press for that time, talking to the victims, and then writing the book. Incredible. His humour is the only thing really that got me through to the end, because otherwise, I may thrown his book against a wall in disgust at the banks' behaviour. Did I mention Ziffer's wicked sense of humour? The footnotes alone are laugh-out-loud hilarious. This event was important to document.

[Kristine · Rating 3 out of 5]

Who knew that a book about a Royal Commission on Banking could be such a good read? This real life tale of systemic greed, corruption & arrogance had me on a rollercoaster from anger to despair. It was not a quick read, as I keep needing to put it down so that I could calm down and think about what I had read and what has been happening around me for many years. Ziffer's written style using humour, asides and anecdotes makes the material accessible and avoids it being dry, tedious detail or sanctimonious. Well worth the time it took to read it.

[Daniel · Rating 4 out of 5]

The title is a hint at the jaded view Ziffer has of banking after listening to its insanity for a year. At first I was annoyed at his lame dad jokes smattered across the pages and footnotes.
But then I realized he has a good perspective on it all, assisted by his cynicism and willingness to critique dumb or dishonest corporate culture ("learnings", anyone?).
Quite good, but be willing to roll your eyes.

[Gay Broodryk · Rating 5 out of 5]

Wow !!!

A lot of very serious insightful analysis written in a spellbinding and delightfully humorous style. Hugely interesting and informative even though I had already read the actual Commission reports and another book on the same subject - this book provides a different insight and focussed on some fascinating and bizarre behaviours. Highly recommended.

[Sarah · Rating 5 out of 5]

I devoured this book, and laughed out loud on multiple occasions. Who doesn’t love a good courtroom drama? Unfortunately I have worked for several of these organisations over the years, and it’s awful to see the poor conduct by a few ruining the work of many. Hopefully such a commission will never be required in the future.

[Greg · Rating 4 out of 5]

A very readable account of the problems with the Australian banking industry. Author goes into great detail but keeps it readable with a sense of humour. A very good guide to the Haynes Royal Commission into Banking.

[John Poole · Rating 5 out of 5]

Cleverly written (and slightly snarky) look at the Haynes review. Ziffer takes the boring aspects of financial investigations and makes them real through vignettes and highlights. Key takeaway - rules aren't really rules, they're just guidelines if you have enough clout.

[Gabrielle Clements · Rating 5 out of 5]

Written with the non-accountant in mind. Hilarious, devastating and down right infuriating.

[James · Rating 4 out of 5]

Most accurate account of the RC.

[MargCal · Rating 4 out of 5]

4.5 ☆
Finished reading … A Wunch of Bankers: a year in the Hayne Royal Commission / Daniel Ziffer ... 28 January 2020
ISBN: 9781925849363 … 362 pp.

The Hayne Royal Commission's official title is The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. If you have ever had any dealings in these spheres and thought you were being ripped off, you were. If you thought things would change after the Royal Commission – read this book and you will be sadly disabused of that notion.
Frankly, the level of “misconduct” is breathtaking, up to and including taking money from the dead. There is outright criminality on display for all to see – and they'll get away with it.

The Royal Commission only had the power to refer individuals to the financial services industry regulators which, this book shows, are seriously underfunded toothless tigers. While they're looking into how to maybe prosecute, the companies will continue to look at ways not to refund the money they've been told to refund and, no doubt, also look at new ways to rip you off. The witnesses are quoted in their own words. I challenge anyone to see any of these leopards changing their spots. In the media, some of these crooks are still sought out to speak on economic matters.
Lest there be no misunderstanding, we are talking about billions of dollars here.

Some have said, how can those at the top know everything. Duh! Those lower down told them! The bosses admitted that was the case. The underlings didn't push it though for fear of losing their bonuses (greed) or losing their jobs (understandable if you haven't got a new job lined up to go to).

This is the stomach-turning story of greed and everyone knowing they'll get away with the lies, the fraud, the illegality, the criminality.

I was always sceptical about some aspects of the financial industry. I'll never trust anyone in that industry again but, in that you have to put your money somewhere, I expect I'll continue to be ripped off.

I recommend this book to anyone who has ever had dealings with a bank, superannuation provider, mortgage lender or broker or any other sort of financial service.

NOTES
--This is a 5 ☆ book in terms of what you need to know but I've cut it back because the amusing asides wore thin after a while.
--And a production note … if this was proof-read, the person who did it should be sacked. There is an appalling number of typos, made all the more irritating because the person who borrowed this copy before me had “helpfully” marked half of them.


Borrowed from my local library.

[Alex Rogers · Rating 3 out of 5]

I was a bit sceptical of Ziffer's irreverent tone at first, thinking this was going to be a pretty lightweight coverage of a really serious subject. But over the course of the book my estimate of him rose - not only does he know and care about the subject covered (and appears to be a dedicated and hard working journalist) but it became apparent that his humorous was deliberately designed to help the reader plough through what at times is stultifyingly boring and technical information. He deftly forces you to get to grips with the bare minimum essential facts while keeping your interest levels up - and there is enough evidence of the devastating contempt that the financial industry has for its customers to keep the blood gently boiling throughout.

A good account of the Royal Commission into banking. My impression is that there were very few real consequences and changes to the financial system as a result of the commission - and while Ziffer details the changes that DID occur (a few heads rolled, shareholders slapped the wrists of a couple of boards, rules around commissions were tightened and the shonkiest of introducer channels such as car salesmen were terminated) he also predicts that there will be little to no systemic change - and gloomily anticipates another similar commission within a decade.

Of course it won't change! These are all top-ten listed entities, run for the sole objective of benefitting their shareholders. And these shareholders are generally delighted with the returns on their investments - but just ask that the pillage is not SO egregious that it ends up being dissected in public .

Anyway, his account of the terrifyingly smart and austere Haynes, his hyper-competent team of assistants including the now-famous Shock-and-Orr was amusing, to the point, and informative. Good reading if you want to know more about the RC or Australian banking & finance generally

[Zac Stojcevski · Rating 4 out of 5]

The author made a banking royal commission somewhat understandable and even chuckle worthy to read. In the closing pages, the author states that an inquiry is not an inquisition. True that. The book unfortunately fuelled my cynicism. Five years later, some of the hurt customers whose cases were used for illustration have been compensated but thousands have not or have been destroyed financially or through stress related ill health. No one at the banks appear to have been penalised despite some verbose self admonishments that rang hollow - all losses were socialised. Banks have bounced back in terms of fluidity and investment and some practices are now different but not necessarily better for the customer.

Alas the interconnected nature of banking, corporations and governments in Australia make the finance sector an omnipotent entity akin to a deity to whom we are all in this country beholden to their discretionary benevolence.

Educating oneself with books such as this, reading the fine print and asking lots of questions beyond rapid fire google searches may prevent or reduce the numbers of future victims.

[Craig · Rating 1 out of 5]

An unfortunately cynical look at the Royal Commission. More Australian Womens Weekly take on the Commission than anything approaching a common sense overview of what was covered in the commission. It would have been better than the author moved on from fee for no service (which was poorly explained) to a better coverage of the key complaint matters. In fact misdemeanors by bankers doing banking things (ie, lending money) seemed very thin on the ground. He enjoyed throwing barbs at the senior bankers as if the reader really cares.

[Geoff · Rating 1 out of 5]

Disappointing.

I've been reading books by economists for several years now, and it's ironic the least enjoyable reads are by journalists. It's a gift to be able to explain something as arcane as a Royal Commission to laymen, to inject an obviously tedious legal process with something to keep you reading, but I'm afraid Ziffer doesn't have it.

I prefer a bit more detail and a lot less waffle. I want to know just how depraved these corporations are. There's too much commentary and not enough analysis.

[Scott · Rating 4 out of 5]

Thank you Daniel Ziffer for sitting through a year of gob smacking testimony and doing such an awesome job of enlightening those who couldn’t be there.

There is a special place in hell for many of the bankers described in this book and an even deeper darker one for those who’s callous disregard for decency and equity caused the ruination and suicide deaths of good people whose only crime was to be soft targets for utterly greedy, holier than thou scum masquerading as pillars of society.

Huge shout out to Rowena Orr and Michael Hodge. You guys are superstars.

[Kylie Purdie · Rating 3 out of 5]

You really do need to admire an author who can take a topic that has the potential to be really dry and boring and make it interesting and funny. This is what Daniel Ziffer has done in his examination of the Royal Commission into the Australian Banking Industry. So much of it is unbelievable (that financial institutions were doing what they were doing and more incredibly DIDN'T SEE ANY ISSUE WITH IT!)
Ziffer explains what happened at the royal commission in straight forward, easy to understand language. He points out stuff that is really important and you need to remember for later and, as I said previously, he scatters humour throughout to lighten up the topic - and it's a topic that needs lightening!
I think all Australians need to know and understand what happened with this royal commission. Banks and financial institutions will be more than happy to slip back into old ways if we don't pay attention. And lets face it, some of them have yet to stop the old ways despite the commission. This book is an easy in to what went on. Maybe not the most thrilling of reads, but very informative.

[Liezel Preller · Rating 5 out of 5]

Witty recount of the Royal Commission

This book is for anyone who works in Banking and needs a reminder of the obligation we bear to our customers. It is a witty recount of the most shocking revelations from the Royal Commission and well worth reading - I could not put it down.

[Rach Annette · Rating 3 out of 5]

I will be honest in saying I struggled to read this book. I think the language used/style of writing made it a bit hard for me. I didn’t enjoy the foot notes which I found often were unrelated and made me distracted and some tangents I didn’t find relevant either.

Generally though I like most the content.

[Giovanna Walker · Rating 2 out of 5]

I know he did a lot of work on this, but.....his sense of humour just didn't connect with me. It took a little bit away from the topic for me, however might resonate with others. I would have also liked to have see an index at the back of the book, as there were so many details.