Australian bankers quit after inquiry

CANBERRA: The National Australia Bank’s chief executive and chairman announced their resignations yesterday just days after they were singled out for criticism in a scathing national report on misconduct in the financial sector.

Andrew Thorburn and Ken Henry both gave evidence to Commissioner Kenneth Hayne in his governmentcommissioned misconduct inquiry.

On Monday, Hayne recommended sweeping changes to Australia’s banking industry.

“I was not persuaded that NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do, and then having its staff act accordingly,” Hayne wrote.

NAB is one of Australia’s four biggest banks and one of three that are facing investigation for criminal and civil law offences as a result of Hayne’s report. |