 Mr Stewart has pledged a cultural change at the bank |
More heads have rolled at National Australia Bank (NAB), in a fresh wave of fall-out from a trading scandal that has already claimed its two top bosses. Three top managers and five traders have been sacked after a consultants' report blamed them for US$184m (�102m) in currency dealing losses.
NAB said it would be reshuffling its board in response to the rogue trades.
Chief executive John Stewart, brought in last month to rebuild confidence, said more changes were possible.
The report by PricewaterhouseCoopers found that traders exploited loopholes in the bank's systems to conceal heavy losses, which were only uncovered after junior employees raised concerns.
It argued that NAB had insufficient systems in place to supervise traders and deal with mistakes when they arose.
"There is a view that National is arrogant... and that's one of the things I have to get to... We have to root it out," Mr Stewart said.
One-Minute World News 
News services
E-mail this to a friend 
Printable version 