NAB is in a trading halt

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NAB is in a trading halt after days of speculation over future of its chairman and CEO.

On Thursday afternoon, the bank today said: “Trading in the securities of the entity will be temporarily paused pending a further announcement.”

The company’s chairman Ken Henry and chief executive Andrew Thorburn were the subject of searing criticism in the final report of the financial services royal commission, which was released on Monday.

Commissioner Kenneth Hayne said in the report that he was not as “confident as I would wish to be that the lessons of the past have been learned” in terms of the bank coming to terms with the mistakes it had made in the treatment of customers.

The bank is also at the centre of further reports today on hundreds of thousands of dollars worth of apparent misuse of company funds by Thorburn’s former chief of staff. Thorburn himself has been cleared of any wrongdoing, but it has raised questions about how his office was being run.

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