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NATIONAL AUSTRALIA BANK HEAD QUITS AFTER FOREX SCANDAL.
SYDNEY, Feb 2 Asia Pulse - The head of the besieged National Australia Bank (ASX:NAB) has resigned in the wake of the bank's rogue trading scandal.
NAB chief executive Frank Cicutto resigned today in the wake of the bank's $A360 million ($US273.65 million) foreign exchange trading scandal.
Mr Cicutto will receive a resignation payment of $3.27 million, which includes a payment in lieu of six months notice.
NAB said the head of its United Kingdom operations, John Stewart, would step into the top job.
"I regret the decision was necessary but I believe it is in the best interests of the bank," Mr Cicutto said this morning.
"I am proud of the contribution I have made to its development as Australia's leading banking and wealth management business.
"I am comfortable in the knowledge that I am handing over a company that is well positioned for future growth."
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As far as the other major commercial, banking and finance organisations go, however, there has been no movement at the top and only a few changes among the top tier of management. Several senior executives at investment banks have stepped down such as the fomer CEO of investment banks ABN Amro and