ANZ chairman Sir John Key was already facing calls to resign before the highly unusual departure of chief executive David Hisco.

The news that Hisco departs amid a cloud about personal expenses adds to the impression of disarray at New Zealand's largest bank.

He departs over what's alleged to be accounting irregularities around tens of thousands of dollars of expenses.


While serious, that must be measured against a salary of more than $3 million a year.

Regardless, it is Key as chairman who is responsible for the issues emerging under his watch.

The highly unusual nature of this departure