Greed led to Aussie bank crisis admits Chief

[Eldorado]

"The new chief executive of NAB has admitted the hunt for quick growth has helped create a crisis in the Australian banking industry over its mistreatment of customers.

"Ross McEwan fronted shareholders at NAB’s annual meeting in Sydney on Wednesday, the day after the corporate regulator hit the bank with a fresh lawsuit over charging customers fees for services they did not receive.

"The bank has slashed executive and director pay hoping to avoid a second “strike” against its remuneration report and an automatic vote on whether to spill the entire board, after being humiliated with an 88% vote against the report last year."

Full monty at the Guardian: https://www.theguardian.com/australia-news/2019/dec/18/nab-chief-admits-banks-drive-for-profit-helped-create-industry-crisis

 

"National Australia Bank's new chief executive Ross McEwan says the bank must lift its game and has told senior executives to "fear me" if they have deliberately ripped off customers, as the lender tries to regain public trust after a run of scandals. "

Full report at the SMH: https://www.smh.com.au/business/banking-and-finance/lost-a-lot-of-respect-and-trust-new-nab-chief-s-plan-to-rebuild-bank-s-reputation-20191218-p53l00.html

Edited December 18, 2019 by Eldorado

[Unusual Tournament]

On 12/19/2019 at 6:27 AM, Eldorado said:

"The new chief executive of NAB has admitted the hunt for quick growth has helped create a crisis in the Australian banking industry over its mistreatment of customers.

"Ross McEwan fronted shareholders at NAB’s annual meeting in Sydney on Wednesday, the day after the corporate regulator hit the bank with a fresh lawsuit over charging customers fees for services they did not receive.

"The bank has slashed executive and director pay hoping to avoid a second “strike” against its remuneration report and an automatic vote on whether to spill the entire board, after being humiliated with an 88% vote against the report last year."

Full monty at the Guardian: https://www.theguardian.com/australia-news/2019/dec/18/nab-chief-admits-banks-drive-for-profit-helped-create-industry-crisis

 

"National Australia Bank's new chief executive Ross McEwan says the bank must lift its game and has told senior executives to "fear me" if they have deliberately ripped off customers, as the lender tries to regain public trust after a run of scandals. "

Full report at the SMH: https://www.smh.com.au/business/banking-and-finance/lost-a-lot-of-respect-and-trust-new-nab-chief-s-plan-to-rebuild-bank-s-reputation-20191218-p53l00.html

Why a joke. Past and present governments have openly stated that the big 4 banks are too big to fail. No government will move against them, force them to provide a better more transparent service. Instead they have been given the power to "self regulate." 

[Sir Wearer of Hats]

You missed the caveat - “and we’ll do it again the moment no one is watching”.

[Unusual Tournament]

12 hours ago, Sir Wearer of Hats said:

You missed the caveat - “and we’ll do it again the moment no one is watching”.

what i found a joke was that the banking inquiry was supposed to semi-regulate the bad behaviour of the big 4, instead, they punished the only competition that they had... the mortgage brokers and credit unions. 

[Sir Wearer of Hats]

4 minutes ago, Captain Risky said:

what i found a joke was that the banking inquiry was supposed to semi-regulate the bad behaviour of the big 4, instead, they punished the only competition that they had... the mortgage brokers and credit unions. 

Having a go at the mortgage brokers and credit unions was the only reason the banks allowed the inquiry - Remember, Turnbull got a midnight call from one of the banks (or was it the industry “watch dog”?) the night before announcing the inquiry, with the increased scope to include the Credit Unions. It stank to high heavens, still stinks and it’s only because half the damn country is on fire thst we’re still not on this as an issue.

[Unusual Tournament]

20 hours ago, Sir Wearer of Hats said:

Having a go at the mortgage brokers and credit unions was the only reason the banks allowed the inquiry - Remember, Turnbull got a midnight call from one of the banks (or was it the industry “watch dog”?) the night before announcing the inquiry, with the increased scope to include the Credit Unions. It stank to high heavens, still stinks and it’s only because half the damn country is on fire thst we’re still not on this as an issue.

Even without the fires they would have buried it. 

[Sir Wearer of Hats]

39 minutes ago, Captain Risky said:

Even without the fires they would have buried it. 

The media might not have let them, this time.