NEWSFLASH: Cicutto resigns from NAB

National Australia Bank chief executive Frank Cicutto has resigned over the rogue currency trading scandal and is replaced by John Stewart, a Scottish banker who headed up NAB's UK operations. Cicutto said that after discussions with chairman Charles Allen he had decided to resign. “I regret the decision was necessary but I believe it is in the best interests of the bank,” he said. Last week the bank revealed that overall losses from unauthorised foreign exchange trading bets had cost the bank $360 million. A number of internal and external enquiries are yet to report into the actions of four currency traders and their management but the scandal has weighed heavily on the reputation of Cicutto. He will receive a payout of $3.27 million which includes a payment in lieu of six months notice.

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