National Australia Bank - Wikipedia

National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia in terms of market capitalisation, ... NationalAustraliaBank FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch Australianmultinationalbank NationalAustraliaBankLimitedFormerheadquartersat800BourkeStreet,DocklandsTypePublicTradedasASX: NABS&P/ASX200componentIndustryBanking,financialservicesFounded1982;40 yearsago (1982)(asNationalCommercialBankingCorporationofAustraliaLimited)Headquarters395BourkeStreetMelbourne,AustraliaAreaservedAustraliaKeypeople RossMcEwan(CEO) PhilipChronican(Chairman) ProductsBusinessbankingConsumerbankingWholesalebankingWealthmanagementInsurance[1]RevenueA$17.261billion(2020)[2]NetincomeA$2.559billion(2020)[2]TotalassetsA$866.57billion(2020)[2]Numberofemployees35,063(2016)[3]DivisionsUBankSubsidiariesBankofNewZealandWebsitenab.com.au NationalAustraliaBank(abbreviatedNAB,brandednab)isoneofthefourlargestfinancialinstitutionsinAustralia(colloquiallyreferredtoas"TheBigFour")intermsofmarketcapitalisation,earningsandcustomers.[4][5]NABwasranked21st-largestbankintheworldmeasuredbymarketcapitalisation[6]and52nd-largestbankintheworldasmeasuredbytotalassetsin2019.[7]AsofJanuary 2019[update],NABoperated3,500Bank@Postlocations—including7,000+ATMsacrossAustralia,NewZealand,andAsia—andserved9millioncustomers.[8] NABhasan"AA-"long-termissuerratingbyStandard&Poor's.[9] Contents 1History 1.1Earlyhistory 1.22000s 1.32010s 1.42020s 2Corporateaffairs 2.1ChiefExecutives 2.2Chairs 2.3Overview 2.4Technology 2.5Corporateresponsibility 2.6Sponsorshipandscholarships 3Controversies 3.1Foreigncurrencytraderstafffraud 3.2Financialplannermisconduct 3.3Ex-ChiefofStaffandaccomplicedefraudNAB 3.4TaxevasionandcustomerovercharginginIreland 3.5HomeSidewrite-downs 3.6Financingoffossilfueloperations 3.7HayneRoyalCommission 4Seealso 5References 6Externallinks History[edit] Earlyhistory[edit] TheMeeniyanNationalBankofAustralasia,nowlocatedatOldGippstowninMoe NationalAustraliaBankwasformedasNationalCommercialBankingCorporationofAustraliaLimitedin1982bythemergerofNationalBankofAustralasiaandtheCommercialBankingCompanyofSydney.TheresultingcompanywassubsequentlyrenamedNationalAustraliaBankLimited.[10] Theexpandedfinancialbaseofthemergedentitytriggeredsignificantoffshoreexpansionoverensuingyears.RepresentativeofficeswereestablishedinBeijing(1982),Chicago(branch1982),Dallas(1983),Seoul(1983,upgradedtoabranchin1990),SanFrancisco(1984),KualaLumpur(1984),Athens(1984,closed1989),Frankfurt(1985,closed1992),Atlanta(1986),Bangkok(1986),Taipei(1986upgradedtobranch1990),Shanghai(1988,closed1990),Houston(1989)andNewDelhi(1989). In1987,NABboughtClydesdaleBank(Scotland)andNorthernBank(NorthernIrelandandRepublicofIreland)fromMidlandBank.ItrebrandedNorthernBankbranchesintheRepublicofIrelandtoNationalIrishBankandchangedbothbanks'logosfromthatoftheMidlandBank.In1990,NABboughtYorkshireBank(EnglandandWales). Furtheracquisitionsfollowed–BankofNewZealandin1992,whichatthetimehadabouta26%marketshareintheNewZealandmarket,andMichiganNationalBank(MNB)in1995.NABhadearlierrationaliseditsoperationsintheUSandcloseditsofficesinAtlanta,Chicago,Dallas,Houston,andSanFranciscoin1991. Thisperiodofrapidexpansionthroughacquisitionconcludedwiththepurchasesin1997ofHomeSideLending,aleadingUSmortgageoriginatorandservicerbasedinFlorida,andmostsignificantly,theacquisitionin2000ofMLCLimited(andrelatedMLCentities)for$4.56bn,oneofthebiggestmergersinAustraliancorporatehistory. 2000s[edit] NABencounteredadifficultperiodintheperiod2000–2005.In2000,NABsoldMichiganNationalBanktoABNAMRO,thenin2001soldHomeSide'soperatingassetsforUS$1.9btoWashingtonMutual,thelargestUSsavingsandloancompany,aswellasthemortgageunit'sloan-servicingtechnologyandoperatingplatform. TheforeigncurrencytraderfraudwasthecatalystfortheresignationsofCEOFrankCicuttoandChairmanCharlesAllen.[11]TheresignationswereprecededbyaBoardrevoltwhereCatherineWaltersemergedasawhistleblowercitingseriouscultureissuesatthecompanyhavingledtothestringoffailures.[12] FrankCicuttowasCEOofNABfrom1999to2004.TheAustralianeconomicenvironmentduringhisleadershipwasstableandproductiveafter17consecutiveyearsofeconomicgrowthsince1992,averaging3.3percentperannum. InFebruary2004,JohnStewartwasappointedCEOofNABfollowingthesackingofCicutto.[13]Stewartproceededwithafarreachingre-organisationofthecompanyalongregionallinesleadingtotheappointmentofAhmedFahourastheCEOofAustraliainSeptember2004.[14]On20February2009FahoursteppeddownfromthePrincipalBoardandGroupExecutiveCommittee.[15] In2005,NABannouncedacutof2,000Australianjobsaspartofaglobalcost-cuttingprogramwiththeintentionofcuttingaround4,200positions–about10.5%ofitstotalworkforceglobally.[16] Itbegantooutsourcebackofficepositionsoffshore,beginningwithapilotwith23jobsfromtheaccountspayabledepartmentinMelbournegoingtoBangalore,IndiainanagreementwithAccenture.[17]Laterthatyear,itsoldNorthernBankandNationalIrishBanktotheDanishDanskeBank.Over200additionaljobshadbeensentoffshoreby2006.[18] Aspartoftheculturechangeprogram,anewAustralianheadofficewaspurposebuiltatDocklandsinMelbourne.ThisbuildingischaracterisedbyitsopenplanlayoutandwasofficiallyopenedinOctober2004.[19][20]AfterCameronClynebecameCEOin2009,theDocklandsbuildingbecametheglobalheadquartersreplacing500BourkeStreet. By2006,NABhadturneditsfortunesaround,reportinganindustryrecord$4.3billionprofitandwinningtwolocalBankoftheYearawards.Italsohadamajorreformwhichincludedtherefurbishmentofallofitsbranches,andthereplacementofsignageinandaroundNationalbranchesandbuildings,beingchangedfrom'National'to'nab'. InMay2007,NABannouncedthatitwoulddelistfromtheNewYorkStockExchange,[21]andthistookplaceinAugust2007.NABdelistedfromtheLondonandTokyoexchangesin2006. InMarch2008,NABannouncedthatitwouldsendmaintenanceandsupportforsomecorebankingapplicationstoIndiathroughanoffshoringarrangementwithInfosysandSatyam,affectinganother260employees.[22] On25July2008,NAB'sannouncementofanadditionalA$830millionprovisionassociatedwithdeteriorationinUSrealestatemarketstriggeredthebiggestsingle-dayfallinitssharepricein21years,wipingoverA$7billionfromthestock'svalue.[23] InOctober2008,NABlaunchedabranchlessdirectbanktradingseparatelyasUBankundertheleadershipofGregSutherlandandGerdSchenkel.[24] InJanuary2009,CameronClynebecameCEO,[25]andbeganastrategyofreputationchange,wealthmanagementandafocusondomesticmarkets. Aspartofthisstrategy,NAB'sunderweightretailbank–undertheleadershipofLisaGray–attemptedtoincreasemarketsharebycompetingonpriceandcuttingfees.[26]Initiallydentingearningsinthedivision,[27]thestrategyproducedmixedresultsoverthemediumterm,withcashearnings,marketshareandcustomersatisfactionrising,butoperatingmarginandcosttoincomeratioworseningsinceitbeganin2009.[28][29]Inlinewiththestrategy,NABattemptedtodifferentiateitselffromtheother"Big4"Australianbanksinalarge,nationalpublicrelationscampaigncentredaroundathemeof"breakingup"withtheotherbanksonValentine'sDay2011.[30]Thecampaignreceivedbothapositive[31][32]andnegative[33][34]reception.Italsoattractedswiftcompetitiveresponsesfromothermajorbanks.[35]ThecampaignwonanadvertisingawardatCannes.[36] In2009,NABacquiredthemortgagebusinessofChallengerFinancialServicesfor$385million,inordertoboostitsmarketshareinthebrokerchannel.ThepurchasealsoincludedthePLAN,Choice,andFASTmortgageaggregationbusinessesandapproximately17.5%inHomeloansLtd.[37]InJunethatyearitpaidA$825m($660m:£401m)forUKinsurerAviva'sAustralianwealthmanagementbusinesses,includingtheirNavigatorplatform.NABbeatoffcompetitionfromAMPforNavigator.[38]InJuly2009NABacquiredan80%stakeintheprivatewealthmanagementdivisionofGoldmanSachsJBWere,forA$99m.[39] InDecember2009NABbegana9-monthattempttopurchaseAxaAsiaPacific.ThisattemptwasblockedtwicebytheACCC.Thefirsttime,inApril2010,wasbecausetheregulatorbelievedthatthemergerwouldcauseasubstantiallesseningofcompetitionintheretailinvestmentplatformmarket.NABsubsequentlylodgedarevisedbidwhichaimedtoaddresstheseconcernsbutwasrejectedasecondtimeinSeptemberofthatyear.[40]TheAxadeal'sdrawnoutprocessdrewcriticismforthebank'sunderperformance.[41] 2010s[edit] NAB'spoor2012financialresultscalleditsstrategyintoquestion:[42][43]netprofitdroppedby22%comparedtothepreviousyear.[44]In2014,theNABMelbourneGovernmentannouncedthatCameronClynewouldbesucceededasCEObyAndrewThorburn,NAB'sNewZealandhead.[45]InAugust2014,LisaGrayleftNABaspartofabroadersetofexecutivechanges.[46] AspartofastrategytofocusNABonitsdomesticmarkets,[47]thebanklisteditsUSsubsidiary,GreatWesternBank,ontheNewYorkStockExchangeinOctober2014aspartofaninitialpublicoffering.[48]NABsolditsfinal28.5%holdinginGreatWesterninJuly2015.[49] NationalAustraliaBankBuildinginBrisbane InMay2015,NABalsoconfirmeditwoulddemergeitsClydesdaleandYorkshireBankbusinessintheUK,throughaninitialpublicoffering.[50]ThebusinesswaspartiallyfloatedontheLondonStockExchangeandAustralianSecuritiesExchangeunderanewholdingcompany,CYBGplc,inFebruary2016,withtheremainingsharesdistributedtoNAB'sshareholders.[51] InJuly2019,RossMcEwanwasappointedGroupChiefExecutiveOfficerandmanagingdirector,afterresigningfromtheRoyalBankofScotlandinAprilofthatyear.[52] 2020s[edit] InJanuary2021,NABannouncedplanstoacquiretheneobank86400for$220millionandsubsequentlymergeitwithUBank.[53] InSeptember2021,NABtemporarilyrebrandedtheirlogotoJABtopromotevaccinesforCOVID-19.[54] Inthefirsthalfof2022,NABrelocatedit'sglobalheadquartersfrom800BourkeStreetDocklandstoanewnaturallightandgreenerypurposebuilt39storeybuildingat395BourkeStreet.ThemovealsoreplacedNationalBankHouseat500BourkeStreet.Thebankcurrentlyhas2mainbuildingsforemployeesat700BourkeStreetDocklandsandthenew395NABPlace. On1June2022,NationalAustraliaBankLimited(NAB)acquiredtheconsumerbankingbusinessfromCitigroupPtyLtd(Citi),anAustralianbranchofCitibank[55]. Corporateaffairs[edit] ChiefExecutives[edit] Thefollowingindividualshavebeenappointedtoserveaschiefexecutive: # Name Title Termstart Termend Ref 1 JackBooth ChiefExecutiveOfficerandManagingDirector 1January1983 1985 (1985) [56] VicMartin 1January1983 1983 (1983) [57] 2 NobbyClark 1985 (1985) 1990 (1990) 3 DonArgusAO 1991 (1991) 1999 (1999) 4 FrankCicutto 1999 (1999) September 2004 (2004-09) 5 JohnStewart September 2004 (2004-09) 31December2008 6 CameronClyne 1January2009 August 2014 (2014-08) [58] 7 AndrewThorburn August 2014 (2014-08) February2019 [59][failedverification] 8 RossMcEwan December2019 incumbent [60] Chairs[edit] Thefollowingindividualshavebeenappointedtoserveaschairmanoftheboard: # Name Title Termstart Termend Ref 1 SirRobertLaw-SmithCBEAFC ChairmanoftheBoard 1January1983 1986 [61][62] 2 SirRupertClarke 1986 January1992 3 BillIrvineOAM January1992 September1997 [63] 4 MarkRayner September1997 2001 5 CharlesAllenAO 2001 February2004 6 GrahamKraeheAO February2004 September2005 7 MichaelChaneyAO September2005 December2015 8 KenHenryAC December2015 July2019 [64] 9 PhilChronican December2019 Incumbent Overview[edit] TheNationalAustraliaBankGroupisorganisedintoeightdivisions,spreadacrosstwogeographicregions. Region Division Description Australia BusinessBanking Australia'slargestbusinessbank(byassets)[65] Employees:5,427 ~700,000clients 2011cashearnings:A$2.4bn[66] PersonalBanking Australia'sfourthlargestretailbank Employees:8,706 ~3,000,000customers(~100,000UBankcustomers) Brandsinclude:NABRetail,UBank,86400,HomesideandAdvantedge 2011cashearnings:A$932m[66] UBank&86400 Aninternetcentricdirectbankwithnophysicalbranches ~A$15bndeposits ~600,000customers[67] MLC&NABPrivateWealth 5,909employees Investment,superannuation,insuranceandprivatewealthsolutionstoindividualinvestorsandcorporatecustomers Brandsinclude:MLC,JBWere,Navigator,Plum,JANA,NABPrivateWealth 2011cashearnings:A$533m[66] NewZealand NZBanking BankofNewZealand Retail,businessandagribusinessbankingandinsuranceservices Employees:4,641 ~1millioncustomers 2011cashearnings:A$469m[66] Global WholesaleBanking 2,889employeeslocatedinAustralia,NewZealandandAsia Capabilities:capitalmarkets,foreignexchange,derivatives,projectfinance,custodianservices Sectorspecialisations:Financialinstitutions,Infrastructure,NaturalResources 2011cashearnings:A$661m[66] SpecialisedGroupAssets BadbankcontainingapproximatelyA$15billionofexposuresincludingCDOsandhighyielddebt CreatedinaftermathoftheGlobalFinancialCrisis Aimfororderlywinddownofassetsovertime 2011cashearnings:A$110m[66] CorporateFunctionsandOther IncludestheGroup'soperationsinAsia,aswellasGroupFundingandotherservicefunctions 2011cashearnings:A$159m[66] Technology[edit] NABbankATM NABisalargeuseroftheSiebelandTeradataCRMsystems.[68][69]WhileNABhasreceivedrecognitionasanearlyadopterandleaderinCRM(CustomerRelationshipManagement)[70] thesystemwasreinvigoratedin2004–5aspartofthebroaderturnaroundtosupportthenewfocusoncross-selling.[71][72] In2006,NABwasnamedthewinneroftheIFS/CapGeminiFinancialInnovationawardsforitsCRMsystem,internallycalled"NationalLeads".[73] On25November2010,NABsufferedasystemmalfunctionresultinginthefailureofaccountsprocessing.[74]Asaresult,around60,000bankingtransactionswerelost,andhadtobemanuallyrecovered.[74]Themalfunctionwascausedbyacorruptionofanirreplaceablesystemfile.[74]ThisissuehasbeendubbedbysomecommentatorsasoneofthebiggestfailuresinthehistoryoftheAustralianbankingsystem.[75] UnderCameronClyne'sleadership,NABbegantoupgradeitscorebankingplatforminaprojectdubbed"NextGen".Theprojectinvolvesthereplacementofitslegacysystemswhichareupto40yearsoldwithanOracle-basedsolution.[76]UBankwasreportedtobethefirstbeneficiaryofthisproject.[77][78]Intotal,theprojectwasexpectedtobecompletedin2014andcost$1billion.[79] AsofApril2014,NAB's"NextGen"programwassaidtosufferfrom"growingproblems".[80] InJuly2020,NABsignedanagreementwithMicrosofttofurtherdevelopitsmulti-cloudcomputingstrategyincludingthemigrationofkeyapplicationstothecloudwhileacceleratingdevelopmentandinnovation.[81] InSeptember2020,TheNationalAustraliaBankpartneredwithcrowdsourcesecurityfirmBugcrowdtolaunchabugbountyprogram,whichoffersarewardtosecurityresearcherswhocanfindpreviouslyunknownvulnerabilitiesinthebank'ssystem.Wouldbeparticipantsmusthavean"EliteTrustScore"onBugcrowd.[82] Corporateresponsibility[edit] In2008,NABinvested$33.5millionincorporateresponsibilityinitiatives.Itstargetistospend1%ofcashearningsbeforetaxinthisarea.[83]In2009,NABbecamethelargestFairtradeaccreditedworkplaceinAustraliathroughpurchasingFairtradetea,coffeeandhotchocolatefortheirofficesandretailbranches.[84]InMarch2010NABstateditexpectedtosavenearly$1millioninannualpowercostsfroma$6.5milliontri-generationplantatitsmaindatacentre.[85]NABbecameoneofAustralia'slargestcarbonneutralcompaniesinSeptember2010.[86]NABrankedequalfirstamongfinancialservicecompaniesintheGlobal500companiesinthe2010CarbonDisclosureLeadershipIndex.[87] Sponsorshipandscholarships[edit] Duringthisperiod,NABemergedasamajorsponsorofAustralianrulesfootball,bothatgrassrootsandelitelevel.ItsupportsAuskick,aninitiativetoimproveyoungfootballers,aswellastheNABCup(anAustralianFootballLeaguepre-seasoncompetition),theNABAFLRisingStaraward;andtheAFLNationalDraft.OthersignificantsportingsponsorshipsincludedtheSocceroos,the2006CommonwealthGames,andwasthemainshirtsponsoroftheSouthSydneyRabbitohsbetween2008and2010.[88] SupportisalsogiventowardscommunitygroupvolunteersaroundAustralia.Inrecentyears,NABhasprovidedfinancialsupportandrelieftodroughtaffectedfarmersandhelpedintheclean-upoffloodaffectedinQueenslandandVictoria.NABhasalsosponsoredtheSheikhFehmiEl-ImamScholarship,designedtohelpstrengthenthelinksbetweenNABandtheMuslimcommunityandenablesanundergraduatestudenttocontinuepost-graduatestudiesinfinanceandeconomics.[89] TheNationalAustraliaBankistheAFLWomen'scurrentandinauguralnamingrightspartner.[88] Controversies[edit] Foreigncurrencytraderstafffraud[edit] In2004,NABdiscoveredthatasaresultofunauthorisedspottradesonitsforeigncurrencyoptionsdesk,lossestotallingA$360millionhadbeencoveredup.InvestigationsbyPricewaterhouseCoopersandtheAustralianPrudentialRegulationAuthorityhighlightedaneedforculturalchange.Thelosseswerearesultofafailedspeculativepositionwherethetradersfalsifiedprofitstotriggerbonusesoveranumberofyears.Inordertoactuallygeneratethereportedprofits,thetradersspeculatedontheUSdollar,bettingthatitwouldriseagainsttheAustraliandollarandothercurrencies. In2006,twoformerNABforeigncurrencyoptionstradersweresentencedonchargesbroughtbytheAustralianSecuritiesandInvestmentsCommission(ASIC)andincurredjailterms.[90] Financialplannermisconduct[edit] Actingonacustomercomplaint,anAustralianSecurities&InvestmentCommission(ASIC)investigationfoundthatbetween1997and2001,aNABfinancialproductsseller,PaulDrakos,workingoutofanorthernSydneybranchatHornsbymaderecommendationstoanumberofNABclients,mostlyretirees,toinvestinBSICorp,[91]anentitybasedintheBahamaswhichwasnotaNABapprovedinvestmentproduct.AccordingtoASIC,atleast$6.2mwassubsequentlytransferredfromtheoverseasaccountsintheBahamasandtheDominicanRepublicbacktoaprivatecompanyaccount,heldforStrategicInvestmentsGroupACN080924036andcontrolledbyasingledirector,thesamePaulDrakos.FundswerethenappliedfromthisaccountasloansdisguisedasinvestmentstoanumberoffailedbusinessopportunitiesamonghisfamilialassociatesincludingagolfdrivingrangeontheCentralCoastofNSW,aplumbingbusiness,andfuturesandcommoditiestrading.Thelandholdings,asinflatedsecurities,[92]werealsousedbythefailedAllcoHit.[93]TheNABemployeewasnotofficiallyconnectedwithBSIbutgaveinstructionstoagentsbasedinCanadatoarrangeforthetransferoffundsbacktoStrategicInvestmentsGroupandotheraccounts.On29May2006theNABemployeepleadedguiltyto8countsofdishonestlyobtainingafinancialadvantagebydeception,2countsoffraudulentmisappropriationand3countsofmakingandusingfalsedocuments.Thereisalsoaconnection,notyetpursuedbyASIC,tothecollapseoftheAllcoHITLtdandStrategicFinanceswhereitissuspectedthattheswamplandwasusedtounderpinfinancialdealings.DuringthetimeoftheinvestigationstheNABprovidedtheperpetratorofthefraudwithaloanof$350,000securedbyswamplandontheCentralCoastofNSW.[94] Ex-ChiefofStaffandaccomplicedefraudNAB[edit] Morethan$5.5millionininflatedinvoicesfromaneventandfunctioncompanyHumanGroupwerepaidbetween2014and2017toRosemaryRogersanNABemployeeformorethantwentyyears,nineofwhichwasaschiefofstafftoCEOsCameronClyneandAndrewThorburn.Themoneywaspaidbyaco-accusedHelenRosamond"asaninducementorrewardtoensurethatHumanGroupmaintainedacontractwithNAB"accordingtocourtdocuments.ThecourtwastoldbytheprosecutionRogerswasmotivatedby"greed,personalgainandself-gratification".Insentencing,JudgePaulConlonsaidthebenefitsshereceivedwent"wellbeyondcompensatingfamilyforanyperceivedneglect",andwentontosay,"IfinditabsolutelystaggeringthatthisfraudwerenotdetectedbysomeappropriatesystemofinternalauditingbyNAB".Ananonymouswhistle-blowersentalettertoNABexecutivesin2017,alleging"Rose"hadbeenreceivingmoneyandgiftsoveranumberofyearsfromMsRosamond.Insentencing,RogersistoserveatleastfouryearsandninemonthsofhersentencebeingeligibleforparoleinOctober,2025.Herco-accusedisyettobesentenced.[95] TaxevasionandcustomerovercharginginIreland[edit] TheIrishsubsidiaryofthebank,NationalIrishBankwasthesubjectofasix-yearInquirycarriedoutbyInspectorsappointedbytheIrishHighCourt.TheyestablishedthatNationalIrishBankhadengagedinoverchargingitsowncustomersandtaxevasionschemespriorto1998.[96]MrJusticePeterKelly,anIrishHighCourtjudgecommentedfollowingpublicationoftheReport"Theedificeofbankingisbuiltonafoundationoftrust.OntheInspectorsfindingstherewasabreachoftrust.Theoperationwascarriedoutoveraperiodofyearsinadeliberatefashion".[97]TheDirectorofCorporateEnforcementsubsequentlyappliedtotheHighCourttohave9seniormanagersbarredfrombeinganofficerofanycompany.[98] HomeSidewrite-downs[edit] NABbookedtwowrite-downsassociatedwithHomeSide.First,inJuly2001,NABhada$450millionwritedownofthevalueofitscapitalisedmortgageservicingrights(CMSRs)duringthequarterending30June2001,andwastheresultofexceptionallyhighmortgagerefinancevolumeswhichloweredthevalueoftheCMSRs,combinedwithamorechallengingcapitalmarketsenvironmentinwhichtohedgeinterestraterisk.[99]Thiswasfollowedshortlybyasecondwrite-downreportedinSeptembertotalling$1.75billion;thissecondwrite-downconsistedofUS$400millionfromanincorrectinterestrateassumptionembeddedinthemortgageservicingrightsvaluationmodel,US$760millionfromchangedassumptionsinthemodelflowingfromthecontinuedunprecedenteduncertaintyandturbulenceinthemortgageservicingmarket,andUS$590millionfromwritingoffofthegoodwill.Intotal,NABbooked$2.2billioninlossesduetoHomeSide. Asaresultofalltheseevents,NAB'sAustralianshareholdersattemptedtosueitintheUnitedStatesforsecuritiesfraud,eventhoughtheplaintiffs,thedefendant,andtheactualsecuritiesatissue(NAB'sshares)werealllocatedinAustralia.(ThemainadvantageofsuingintheU.S.arisesfromBasicInc.v.Levinson(1988),underwhichitispresumedthatthedefendantcommitted"fraud-on-the-market"unlessthedefendantprovesotherwise.)ThecaseofMorrisonv.NationalAustraliaBankLtdultimatelyendedupbeforetheU.S.SupremeCourt,whichheldinaunanimous8–0decisionon24June2010thatU.S.lawagainstsecuritiesfrauddoesnotapplytosecuritiesdealsoccurringoutsideofthecountry. Financingoffossilfueloperations[edit] On5Nov2015,NABpubliclysupportedtheclimategoalsoftheParisAgreement.[100]Inthefouryearsfollowingthiscommitment,from2016to2019,NABloanedA$7.3billiontothefossilfuelindustry.[101]DespiteevidencethattherecanbelittleornodevelopmentofneworexpansionaryfossilfuelprojectsiftheParisAgreementclimategoalsaretobemet,[102][103][104][105]NABloanedA$1.2billiontosuchprojectsduring2016–2019.[101]Overthesametimeframe,NABloanedA$1.1billiontotencompaniesthatwereexpandingthescaleofthefossilfuelsectorand/orrelyingonscenariosconsistentwiththefailureoftheParisAgreementtojustifytheirfuturebusinessprospects.[106] Despitepubliclycommittingto“nolongerfinancenewthermalcoalminingprojects”inDecember2017,[107]thebankreportedlyfundedNewHopeGroupforitsdevelopmentoftheNewAclandStage3CoalMine,andCoronadoGlobalResourcesinconnectionwithanexpansionofitsCurraghcoalmine.[101]EnvironmentalgroupshavequestionedwhetherNABbreacheditsthermalcoalcommitmentbyprovidingthisfunding.[101] InNovember2019,NABannounceditwouldexitthethermalcoalsectorby2035,[108]attractingcriticismonthebasisthatthisisfiveyearstoolatetobeconsideredcompatiblewiththeParisAgreementclimategoals.[101] TheAustraliancommunityhashadvariousresponsestocontinuedfinancingoffossilfuelprojectsbyNABandtheothermembersoftheBigFourbanks.Theseresponsesinclude: NABcustomersmovingtheirmoneytobankswithalesserfinancedemissionsportfolio.[109][110] NABshareholdersaskingforgreateremissionsdisclosureandreducedfinanceforfossilfuels,includingbylodgingandsupportingshareholderresolutions.[111][112][113][114] ProtestgroupscoveringATMscreenstoraiseawarenessoffinancedprojects’associatedclimateimpactsanddegradationoftheGreatBarrierReef.[115] Thecreationof'fossilfuel-free'superannuationandinvestmentproductswhichexcludeNABfromtheinvestmentuniverse.[116][117] HayneRoyalCommission[edit] Mainarticle:RoyalCommissionintoMisconductintheBanking,SuperannuationandFinancialServicesIndustry AroyalcommissionwasestablishedoninDecember2017toinquireintoandreportonmisconductinthebanking,superannuation,andfinancialservicesindustry.TheestablishmentofthecommissionfollowedrevelationsinthemediaofacultureofgreedwithinseveralAustralianfinancialinstitutions.[118]Asubsequentparliamentaryinquiryrecommendedaroyalcommission,notingthelackofregulatoryinterventionbytherelevantgovernmentauthorities,[119]andlaterrevelationsthatfinancialinstitutionswereinvolvedinmoneylaunderingfordrugsyndicates,turnedablindeyetoterrorismfinancing,andignoredstatutoryreportingresponsibilities[120]andimproprietyinforeignexchangetrading.[121] DuringtheRoyalCommission,itwasrevealedthatNABsubsidiary,MLCLimited,hadchargedsomeofitscustomers"advisercontributionfees"and"employerservicefees"onitssuperannuationproducts.Byitsownadmission,NABexecutivestoldtheRoyalCommissionthatthecustomersmighthavenotreceivedanyservice,inspiteofbeingchargedafee.NABtriedtodisguisethesefeesascommissions.[122]ThefollowingmonthASICcommencedcivilproceedingsintheFederalCourtallegingthatNAB-ownedsuperannuationentitieshaddeducted$100 millioninfeesfrommorethan300,000customerswhereserviceswerenotprovided.[123]AppearingbeforetheRoyalCommissioninNovember2018,NABChiefExecutiveOfficerAndrewThorburndefendedthefees-for-no-serviceissueasa"processissue"ratherthandishonesty.[124]Daysearlier,NABChairmanandformerSecretaryofTheTreasuryKenHenrydefensivelyappearedbeforetheRoyalCommission,withsometenseexchangesbetweenHenryandlegalcounselRowenaOrr.[125][126][127][128] Seealso[edit] Banksportal BankinginAustralia Listofbanks ListofbanksinAustralia ListofbanksinOceania 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