NAB sacks 8 after PwC scandal report
The National Australia Bank has sacked eight staff at the centre of its $360 million currency trading scandal following the release of an independent report from PricewaterhouseCoopers. The eight sackings include the four “rogue” currency traders, their supervisor and three more up the chain of command. The PwC report found the four traders exploited loopholes and weaknesses in NAB systems and procedures for more than two years to hide trading losses and protect bonuses. Also out the door are executive GM of corporate and institutional banking, Ian Scholes, head of markets, Ron Erdos and the executive GM of risk, Chris Lewis.