National Australia Bank Chiefs to Resign in Wake of Damaging Report [The New York Times]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: The New York Times
National Australia Bank Chiefs to Resign in Wake of Damaging Report - The New York Times SYDNEY, Australia — The two top executives at one of Australia’s largest banks will depart after a damning report on misconduct in the country’s financial industry singled them out for their resistance to changing how they do . National Australia Bank said on Thursday report issued on Monday The report recounted moments during months of public hearings and submissions in which Mr. Thorburn dismissed systems failures that might have cost his customers over 100 million Australian dollars, or $71 million, as “carelessness.” “Having heard from both the C.E.O., Mr. Thorburn, and the chair, Dr. Henry, I am not as confident as I would wish to be that the lessons of the past have been learned,” Kenneth Hayne, who led the commission that investigated questionable financial industries practices, wrote in the Monday report. “More particularly, I was not persuaded that N.A.B. is willing to accept the necessar
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