Royal commission: What Kenneth Hayne had to say to each of the big four bank bosses
As Kenneth Hayne delivered his damning report and its recommendations, he also had something to say for each of the big four bosses.
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As Kenneth Hayne delivered the banking royal commission recommendations, he also had something to say for each of the big four bosses.
READ THE FINDINGS OF THE BANKING ROYAL COMMISSION HERE
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Here’s his verdict on each:
NAB
CEO Andrew Thorburn and chairman Ken Henry
“I am not as confident as I would wish to be that the lessons of the past have been learned.
“More particularly, 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. “
“I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues.
“I thought it telling that Mr Thorburn treated all issues of fees for no service as nothing more than carelessness combined with system deficiencies when the total amount to be repaid… is likely to be more than $100 million.
“I thought it telling that in the very week that NAB’s CEO and Chair were to give evidence before the Commission, one of its staff should be emailing bankers urging them to sell at least five mortgages each before Christmas.
“Overall, my fear — that there may be a wide gap between the public face NAB seeks to show and what it does in practice — remains.”
MORE: What the findings mean for home buyers
CBA
CEO Matt Comyn
“CBA has been compelled… to confront why it has had ‘a succession of conduct and compliance issues’ and has not met the community’s ‘high expectations’ for it as an institution.
“I was persuaded that Mr Comyn… is well aware of the size and nature of the tasks that lie ahead of CBA.”
ANZ
CEO Shayne Elliott
“I have little doubt that Mr Elliott is also well aware of the size and nature of the tasks that lie ahead of ANZ.”
WESTPAC
CEO Brian Hartzer
“Westpac stands apart from the other three major banks by seeking to maintain at least some aspects of its wealth business. The challenges for Westpac may therefore differ from those facing the other major banks.
“While I do not doubt Mr Hartzer when he says that Westpac has sought to ‘reset’ its relationship with (corporate regulator) ASIC, only time will tell whether that proves to be right.”
Originally published as Royal commission: What Kenneth Hayne had to say to each of the big four bank bosses
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