Former ANZ New Zealand bank boss David Hisco will likely take legal action against the bank over damage to his reputation, a human resources expert is predicting.

The country's largest bank announced yesterday that Hisco would be departing his $3 million plus a year job immediately following an investigation which alleged he "mis-characterised" certain personal expenses as business expenses.

Those expenses which ran into the "tens of thousands of dollars" over Hisco's nine-year stint as chief executive included personal use of chauffeur-driven cars and storage of wine in Australia - his country of birth.

ANZ chairman Sir John Key said