Misconduct common among NAB staff
More than three per cent of NAB's staff were sanctioned for misconduct last year, CEO Andrew Thorburn told a parliamentary hearing on Friday.In all, the bank found 1138 staff breached the company's own code, five of them senior managers.Armed with this one nugget to reveal, the National Australia Bank's managing director, Andrew Thorburn, walked away from a three hour encounter with the House of Representatives Standing Committee on Economics mostly unscathed, and his inquisitors, and the public, little more informed.As with the initial skirmish in October 2016 between ten MPs and four bank CEOs, the MP's quarterly probe of sector CEOs looks a pallid salve to community and public interest in their ill-defined demands for accountability from the sector.The MPs had at least skimmed the review by Stephen Sedgwick for his initial study into remuneration, a piece of work for the Australian Bankers Association. Thorburn said NAB would adopt Sedgwick's recommendations in full, once finalised.Thorburn hedged, however, on the same principle for any findings of the still unreleased ASIC review into mortgage brokers and commissions.The number of staff sanctioned for misconduct at NAB is around 3.3 per cent of total staff numbers on a full time equivalent basis.Cris Parker, executive at Banking & Finance Oath (a voluntary industry initiative) said yesterday that "with 1138 staff disciplined, roughly 200 terminated and five senior managers sacked or resigned, it seems to me that they are making a genuine effort to make things right."Neither Parker nor NAB could say how many NAB staff and executives had signed on for the oath.The oath, with a heritage going back to 2012, is well supported at high levels at NAB, with the entire board and the whole of the bank's executive leaderships team believed to have signed on for the oath.