Bankers have been sack after filling out loan applications for around 2300 customers, which could also lead to compensation claims.
Transparency from a bank at last . It will be interesting when the cards are thrown in the air to see where they " fall " .
Reading the timeline and statements from NAB it is almost Monty Pythonesque.
I wonder how many got their bonuses for making their quotas every year and then we have this sudden “Oh they have done the wrong thing and we must clear ourselves of them…because a Banking RC might just determine we supported this culture”. But hark my SARCASM runneth over and no bank has ever been involved in any unethical dealings ever and if you don’t believe the banks just ask the banks for their ruling on it.
And yet the Board of Directors are still there.
This is what happens when you move from having a service based focus to an accounting/sales based focus. Of course this applies to all the other major banks too, and medicine, and Australia Post, and insurance companies, and, and, and, and, …
These institutions have unhealthy cultures putting corporate earnings ahead of their clients/patients/… .
There were a number of publications over the decades that called out the evolution from companies being run by sales types to accounting types and then to the ‘MBA’, with the attending degradation of everything except profit, that could be hit or miss or disaster as the companies lost the plot of what they were about…
Sales focuses on the customer to get their dollar, accounting focuses on the dollar at the expense of everything else, and MBAs have generally sold ‘the soul’ to arm waving more often than not.
More problems for the NAB, this time for failing to link offset accounts causing overcharging on interest rates for home loan customers. Read more: