The chief executive who master-minded ANZ's record near $2 billion profits has gone. His reputation shattered over the use of so-called "chauffeured cars", David Hisco formally left the bank on Monday, with just one year's pay and forfeiting $6.4 million in shares. ANZ New Zealand chair Sir John Key talks to Fran O'Sullivan over what led to David Hisco's departure.

It was the late-night phone call from ANZ Banking Group boss Shayne Elliott that alerted Sir John Key a major problem was brewing.

Key remembers it clearly.

"He rang me quite late one night about three months ago. He said

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