NAB has long way to go to win back customer trust

The Hayne-bomb has well and truly gone off. The sheer arrogance of NAB chairman Ken Henry has blown up in his face and also his chum’s, CEO Andrew Thorburn, writes Sophie Elsworth.

The Hayne-bomb has well and truly gone off.

The sheer arrogance of NAB chairman Ken Henry has blown up in his face and also his chum’s, CEO Andrew Thorburn.

Commissioner Kenneth Hayne named and shamed these two top dogs in his final report this week, calling out their unwillingness to accept criticism.

And to put it frankly Hayne wasn’t having a bar of either of them.

From the minute his report became public on Monday afternoon Henry and Thorburn’s days were numbered.

Henry’s arrogant performance at the Royal Commission late last year was like no other, he ruffled the feathers of too many people to go unnoticed.

MORE FROM SOPHIE ELSWORTH: Andrew Thorburn cannot be serious

Time’s up for Ken Henry and Andrew Thorburn. Picture: David Geraghty/The Australian

And Hayne wasn’t going to let him get away with it.

This bank has been called out for charging fees to dead people, incorrectly hitting customers with charges and falsifying documents.

And the bank has said sorry.

But this proved to not be good enough.

Hayne singled out NAB for not listening and said loud and clear, the bank “stands apart from the other three major banks” as he unleashed on their bad behaviour.

NAB had a board meeting on Tuesday morning and both Hayne and Thorburn were still left in their cushy seats.

But not for long.

Commissioner Kenneth Hayne QC wasn’t having a bar of the NAB honchos. Picture: ABC

The trading halt on Thursday afternoon showed how this bank got it so wrong.

How these two were still standing left many gobsmacked.

It took just another few days for the axe to finally fall.

Thorburn’s appearance this week on TV explaining why he had cancelled his long-running holiday adventures didn’t help his cause.

He looked out of touch with reality — he was explaining about how he had leave booked to spend time with his family, and fair enough, but seriously, right in the middle of a Royal Commission?

It was never a good look.

Andrew Thorburn will be able to go on that holiday he put off now. Picture: Twitter/Andrew Thorburn

NAB knew Hayne’s final report was coming at the start of February yet Thorburn still had holidays planned.

Well he’ll be able to take them soon — he remains in the top job for another three weeks.

NAB has lost many of their top dogs in the past year as a result of the Royal Commission — Henry, Thorburn and the Maserati-loving Andrew Hagger.

Time will tell if the bank can make change and turn it around.

They need to win back customer trust but my money’s on them having a long way to go.

Sophie Elsworth is News Corp’s national personal finance writer.

@sophieelsworth