Citigroup will refund over A$3 million to 114 retail customers for losses arising out of structured product investments offered by Citigroup between 2013 and 2017, following an ASIC investigation. Citigroup will also write to over 1000 customers remaining in the products to provide them an opportunity to exit early without cost. ANZ has spelled out Dispute Resolution Principles that may narrow its options in a heated matter, compared with past practice. "When we are attempting to resolve customer disputes, we want to act in the spirit of the law not just the letter of the law, which means considering community expectations, ANZ Deputy Chief Executive Officer Alexis George said. The bank will "only petition for bankruptcy where there is a real prospect of recovery or where there has been fraudulent or dishonest conduct by the individual concerned".