National Australia Bank pauses trade ahead of statement on leadership changes

FILE PHOTO - The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. REUTERS/David Gray - Copyright David Gray(Reuters)

By Reuters

Published on 07/02/2019 - 06:04•Updated 23/04/2024 - 20:05

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(Reuters) - National Australia Bank on Thursday sought a halt in trade of its shares pending a statement on "leadership changes", days after an inquiry panel called out its chairman and chief executive over misconduct in the financial sector.

After its year-long inquiry, the Royal Commission named NAB Chief Executive Andrew Thorburn and Chairman Ken Henry as standing out from their peers by appearing unable to understand or learn from past misconduct at the company.

While the Royal Commission recommended referring some of Australia's biggest money managers to regulators for possible further action in 24 cases, it largely avoided naming individuals.

(Reporting by Ambar Warrick in Bengaluru; Editing by Clarence Fernandez)

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