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Bank bosses line up for political grilling

Federal politicians will grill the bosses of the National Australia Bank and ANZ about how they are responding to a landmark banking inquiry.

The heads of National Australia Bank and ANZ and are set to be grilled by federal politicians about how they are responding to the damning findings of the banking royal commission.

NAB interim chief executive Philip Chronican and ANZ boss Shayne Elliott are due to face the House of Representatives' economics committee on Wednesday in its latest round of hearings into the big banks.

The experience could be particularly intense for Mr Chronican, who has been acting as NAB's leader for less than a month.

Both the bank's former chief executive Andrew Thorburn and chair Ken Henry announced they were quitting in February after being named and shamed in royal commissioner Kenneth Hayne's final report.

He expressed serious concerns about the pair's leadership of the bank and failings that included charging fees for no service.

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Mr Chronican is due to replace Dr Henry as NAB's chair later this year, with a search for a permanent chief executive underway.

Commonwealth Bank boss Matt Comyn and Westpac chief executive Brian Hartzer were questioned by MPs earlier this month.

They dismissed the view expressed by some commentators that the 76 recommendations to emerge from the royal commission were actually a win for the banks, letting them off lightly for widespread misconduct.

"The recommendations, in the end, were sensible and balanced," Mr Hartzer said.


2 min read

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Source: AAP



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