National Australia Bank: The Forex Scandal And The Boardroom Battles


Code : GOV0009

Year :

Industry : Banking, Insurance and Financial Services

Region : Australia

Teaching Note:Not Available

Structured Assignment :Not Available

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Abstract: National Australia Bank's foreign exchange crisis not only cost the bank $360 million but also cast serious doubts on the governance culture in the bank.

It caused the bank to rethink and reformulate its business strategies, its culture, and its approach to risk management in order to achieve sustainable growth.

After several boardroom brawls and a major overhaul of the entire board, the company, under John Stewart, is now ready to rebuild its reputation and boost public confidence.

Pedagogical Objectives:

  • To discuss the developments that took place in National Australia Bank from January 2004 to May 2004
  • To discuss the Forex scam along with several loopholes in the bank's policies and systems that caused it to snowball
  • To discuss the fallout of the scandal and the company's handling of the total fiasco
  • To discuss whether the measures taken are sufficient to rebuild its reputation and boost public confidence.

    Keywords :Corporate Governance Case Study, National Australia Bank, Forex scandal, Boardroom battles, Risk management, Financial controls, Frank Cicutto, Catherine Walter, John Stewart, Cultural changes

    Contents :
    About NAB
    The Scandal
    Operations at the Desk
    Concealed Losses

    Case Introduction >>

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