The ANZ has a market capitalisation of $74.2 billion and is Australia's third largest bank.
THE chief executive of ANZ says he was "appalled" to learn through the banking royal commission what impact the institution has had on some Australians.
Mr Elliott also said the public has taken out their anger on the big banks.
"We should dismiss people when they are grossly negligent or when they do things that are clearly bad and cause customer harm", Elliott told parliament's House Economics Committee.
"I understand that you, and the community, will want to know who has been, and who will be, held accountable for the bank's failings".
The comments reflect the pressure Australia's highly profitable major banks are under to improve their governance and public image since the inquiry, called a Royal Commission, exposed widespread misconduct across the financial sector.
The year-long Royal Commission has received more than 9,000 submissions by distressed customers and has scrutinized a handful of specific cases that have stunned the country.
In nearly 60 public hearings, the inquiry uncovered systemic problems in incentive schemes used to reward staff for selling products to people who did not need them or could not afford them.
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Elliot accepted the conduct was shameful and counterproductive and said the ANZ has now made even senior executives accountable for misconduct.
All four major banks also charged customers for services-not-rendered and some took fees out of dead client accounts.
Asked how he felt about evidence that has emerged about ANZ's misconduct, Mr Elliott said he was "saddened and embarrassed" and that Australians have been "rightly dismayed and disappointed".
"In the past, ANZ has not focused sufficiently on formally holding executives to account for failures that harm customers", Mr Elliott said.
"We have broken the trust of many of our customers for which we unreservedly apologise and there's no excuse for that".
The report concluded that banks and other financial institutions maltreated clients due to greed, Efe news reported.
In total, ANZ is facing a $697 million hit to its after-tax annual profit from various costs related to customer compensation, royal commission legal bills, restructuring and software write-downs.
Mr Elliott is the third banking head to have been grilled by the MPs this week, after the Commonwealth Bank's Matt Comyn and Westpac's Brian Hartzer fronted the committee on Thursday. While National Australia Bank CEO Andrew Thorburn will appear on October 19.
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