NAB’s sexual harassment bombshell amid claims of ‘1980s long lunch’ culture
NAB has been hit with fresh claims about how it handled a sexual harassment claim against a former executive, after its CEO was forced to address “difficult” reports about his drinking.
Exclusive: NAB allowed an executive who was the subject of sexual harassment claims to have a farewell tour, amid an exodus of senior women from the under fire bank.
A string of insiders with knowledge of the inner workings of the leading business bank have claimed the business suffers from a “1980s long lunch culture.”
They say that the bank’s drive to land new business crossed the lines between balance sheet success and providing a safe workplace for women.
The details of the executive’s departure emerged after separate media reports last month about questions being raised over the drinking habits of its chief executive Andrew Irvine, who claimed that the “public scrutiny” was “hard for me and for my family”.
NAB has rejected suggestions that women were unsafe at work, saying it had “zero-tolerance to all forms of discrimination, harassment, including sexual harassment, sex-based discrimination and workplace bullying.”
It comes as it can be revealed that NAB hired a prominent law firm to investigate sexual harassment complaints against the male executive.
The executive left the bank shortly afterwards. No further action was taken.
But a “morning tea” was organised at the bank’s Melbourne headquarters in Bourke Street.
The executive declined to comment when approached for this story and NAB did not answer questions about whether it paid out his short term incentives.
An insider claimed that NAB did not practice what it preaches when it comes to creating a business culture that includes respect for women.
“NAB still has this 1980s long lunch culture. It works to bring money in at the Business and Private Banking arm,” the source said.
Senior figures with knowledge of NAB’s Business and Private Banking section claimed that the media had missed the story and should instead focus on the culture of the bank and the women who have departed.
Rachel Slade, who was a frontrunner to become chief executive when the board gave Mr Irvine the job last year, left the bank in July.
Ms Slade, was paid $3.5 million a year as NAB’s Group Executive of Business and Private Banking, declined to comment.
Maria Lykouras, who was chief executive at JBWere – one of Australia’s oldest stockbroking firms which is owned by NAB – left in January.
She has not taken up a new job since, according to her LinkedIn profile, and did not return calls.
The departures come despite NAB spruiking its gender equality credentials, highlighting a program it has named 1500 degrees – the temperature at which glass melts in a reference to breaking the glass ceiling.
NAB still promotes the program on its website under a page titled “Gender Equity at Work”.
“We continue to deliver some great initiatives, including Business and Private Bank’s 1500 Degrees Program. 1500 Degrees (the melting point of glass) is a nine-month program designed to prepare women for more senior roles,” NAB’s website states.
“This is achieved through learning, networks, and sponsorship opportunities.”
NAB Group Executive People and Culture Sarah White said in response to questions about sexual harassment and the alleged “1980s long lunch culture” that the bank was “focused on pay equity and driving greater representation of women in leadership roles across all areas of the bank.”
“Our focus when engaging clients is on sharing insights through organised events and speakers, with many of these hosted at NAB offices. The way we do business is to provide clients with the best insights from industry and economic leaders, to build trusted, longstanding relationships,” Ms White said.
“There are clear guidelines on expected behaviours and expenses in line with NAB policies, customer and community expectations. If a colleague does not fulfil these expectations, there are a range of actions that we consider in response.”
Ms White added that “the proportion of women at the Executive level has increased since Andrew Irvine became CEO in April 2024 to now.”
“In the past 15 months three women were appointed to lead the three customer facing divisions (Personal Banking, Business & Private Banking, Corporate & Institutional Banking) – this was a first,” she said.
“We also appointed the first female Chief Economist (Sally Auld) and first female Executive of Markets (Krista Baetens).
“IT is imperative that our culture reflects the expectations of our customers and the communities we represent.
“NAB actively fosters an inclusive and equitable workplace culture, where every employee is valued and treated with respect. The bank continues to implement initiatives to advance gender diversity and ensure a fair environment for everyone.”
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Originally published as NAB’s sexual harassment bombshell amid claims of ‘1980s long lunch’ culture
