NAB chief sees fraud in forex scandal

New National Australia Bank Chief exective John Stewart suspects that fraud will be found when investigations into the bank's foreign exchange rogue trading are completed. Stewart said he expects the review to find that people were “asleep on watch” and there had been a “control breakdown”. Stewart said that former CEO Frank Cicutto's resignation had been in NAB's best interests. He defended the bank's board but admitted taht it perhaps needed members with more banking experience. Stewart also said that NAB's four UK businesses are “inefficient”. However it's not in shareholders' best interests to sell them but develop them, he said.

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