By any measurement, the National Australia Bank’s administration over the past decade has been patchy.

There have been three major stuff-ups. First, the problems with National Wealth Management customers in 2002 which cost the bank $67 million. Then, the forex options trading debacle that caused the board to implode last year at a cost of $360 million. Now overcharging customers, which will cost a further $80 million, as this SMH report reveals.

This latest one was identified earlier in the year by the bank’s new management under CEO John Stewart and CFO Michael Ullmer. This incident goes back a decade or so and involved a breakdown in systems and the incorrect raiding of customer accounts by the bank.

Peter Fray

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