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West Australian
7 days ago
- Business
- West Australian
National Australia Bank chief Andrew Irvine admits to ‘difficult week' after public scrutiny
National Australia Bank chief Andrew Irvine says last week's intense scrutiny has been 'difficult' in his first comments after a report emerged raising concerns about his behaviour and leadership style. Addressing the issue publicly on Wednesday, Mr Irvine said he expected scrutiny in his role but had hoped it would be 'even-handed and balanced'. 'Last week was difficult, I'm not going to beat around the bush, especially when media is quite personal and public. So it was hard for me and for my family,' Mr Irvine, who had been on holiday, told the Australian Banking Association conference in Sydney. 'I've just got to get through it and I plan on doing that. 'I love the job that I do, it's a real privilege to run the National Australia Bank. There's a real noble purpose in what we do, helping people navigate their financial lives, and that gives me energy.' Mr Irvine — who replaced former boss Ross McEwan last April — was under the microscope last week after it was reported major investors raised concerns about his leadership style and drinking at client meetings and events with the bank's directors. Mr Irvine's management approach was reportedly raised with NAB chair Phil Chronican at an investor lunch in Sydney last month, according to the The Australian Financial Review report. A NAB spokeswoman last week said Mr Chronican and the board backed Mr Irvine, and that 'Andrew Irvine and the NAB leadership team are delivering sound financial and operational results'. 'They are executing on a refreshed strategy focused on further improving customer and colleague outcomes. The board's support for Andrew and his team is unchanged,' she said. The Australian Financial Review also reported last week that NAB directors had informally met, asking Mr Irvine to continue in his role but urging him to improve his presentation. The board agreed that in the absence of any further, more specific claims, no action was required. Mr Irvine told media outside the ABA conference on Wednesday he missed the informal board meeting because he was asleep. He had chosen not to participate because it was held at 3am Toronto time, or 5pm Sydney time, when he was overseas on holiday. It comes following a string of senior departures at NAB, including chief financial officer Nathan Goonan in March. He moved to rival Westpac. Former business banking boss Rachel Slade was also replaced by Mr Irvine's former Bank of Montreal colleague Andrew Auerbach last month. Mr Irvine also warned the ABA conference on Wednesday that Australia was facing a 10-year productivity drought. He said many jobs created in the past decade had been low productivity roles in the care economy. He said Australia's housing crisis was the number one issue. 'We're struggling to build enough dwellings to both maintain the dream of Australian home ownership and enable migration,' he said.
Yahoo
7 days ago
- Business
- Yahoo
National Australia Bank CEO says he just has to weather media coverage of investor complaints
By Byron Kaye SYDNEY (Reuters) -National Australia Bank's chief executive said on Wednesday that he just had to "get through" media coverage of investor complaints about his management style and drinking at customer events. The Australian Financial Review reported on July 15 that at an investor lunch last month, some major investors in the bank had questioned whether Andrew Irvine, CEO since April 2024, should strengthen his leadership skills and curtail his drinking at events. The complaints prompted the board of the country's biggest business lender and third-largest mortgage provider to increase mentoring and provide more leadership development, the AFR said. NAB's board has said it stands by Irvine. "I'm not going to beat around the bush, especially when media is quite personal and public: it was hard for me and for my family," Irvine said in his first public remarks since the report. Speaking at a conference held by the Australian Banking Association, an industry body he chairs, Irvine said public figures should expect scrutiny. "I've just got to get through it and I plan on doing that", he said, adding that he was energised by a "noble purpose in what we do, helping people navigate their financial lives". Scrutiny of CEO conduct in Australia has been intense over the past year. The CEO of logistics software company Wisetech Richard White stepped down after allegations about aspects of his personal life, though he has since become the company's executive chair. Mineral Resources said late last year its billionaire founder, Chris Ellison, would leave within 18 months after an internal probe found he used company resources for his personal benefit and evaded taxes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
National Australia Bank CEO says he just has to weather media coverage of investor complaints
By Byron Kaye SYDNEY (Reuters) -National Australia Bank's chief executive said on Wednesday that he just had to "get through" media coverage of investor complaints about his management style and drinking at customer events. The Australian Financial Review reported on July 15 that at an investor lunch last month, some major investors in the bank had questioned whether Andrew Irvine, CEO since April 2024, should strengthen his leadership skills and curtail his drinking at events. The complaints prompted the board of the country's biggest business lender and third-largest mortgage provider to increase mentoring and provide more leadership development, the AFR said. NAB's board has said it stands by Irvine. "I'm not going to beat around the bush, especially when media is quite personal and public: it was hard for me and for my family," Irvine said in his first public remarks since the report. Speaking at a conference held by the Australian Banking Association, an industry body he chairs, Irvine said public figures should expect scrutiny. "I've just got to get through it and I plan on doing that", he said, adding that he was energised by a "noble purpose in what we do, helping people navigate their financial lives". Scrutiny of CEO conduct in Australia has been intense over the past year. The CEO of logistics software company Wisetech Richard White stepped down after allegations about aspects of his personal life, though he has since become the company's executive chair. Mineral Resources said late last year its billionaire founder, Chris Ellison, would leave within 18 months after an internal probe found he used company resources for his personal benefit and evaded taxes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
National Australia Bank CEO says he just has to weather media coverage of investor complaints
SYDNEY, July 23 (Reuters) - National Australia Bank's ( opens new tab chief executive said on Wednesday that he just had to "get through" media coverage of investor complaints about his management style and drinking at customer events. The Australian Financial Review reported on July 15 that at an investor lunch last month, some major investors in the bank had questioned whether Andrew Irvine, CEO since April 2024, should strengthen his leadership skills and curtail his drinking at events. The complaints prompted the board of the country's biggest business lender and third-largest mortgage provider to increase mentoring and provide more leadership development, the AFR said. NAB's board has said it stands by Irvine. "I'm not going to beat around the bush, especially when media is quite personal and public: it was hard for me and for my family," Irvine said in his first public remarks since the report. Speaking at a conference held by the Australian Banking Association, an industry body he chairs, Irvine said public figures should expect scrutiny. "I've just got to get through it and I plan on doing that", he said, adding that he was energised by a "noble purpose in what we do, helping people navigate their financial lives". Scrutiny of CEO conduct in Australia has been intense over the past year. The CEO of logistics software company Wisetech ( opens new tab Richard White stepped down after allegations about aspects of his personal life, though he has since become the company's executive chair. Mineral Resources ( opens new tab said late last year its billionaire founder, Chris Ellison, would leave within 18 months after an internal probe found he used company resources for his personal benefit and evaded taxes.
9 News
7 days ago
- Business
- 9 News
'Money mules' loaning bank accounts to help crooks launder millions
Your web browser is no longer supported. To improve your experience update it here "Money mules" renting out their bank accounts are helping criminals launder millions of dollars in Australia. The Australian Federal Police and the Australian Banking Association are urging Australians to not share their banking details or loan their account out, as they step up efforts to curb this criminal activity. Money mules are people who – knowingly or unknowingly – are recruited by criminal syndicates to transfer illicit money in and out of their personal accounts to make the funds appear legitimate to authorities. People are being warned against renting or loaning out their bank accounts to potential criminals. (Nine) Money mules may also rent or sell their account for a payment. This routing of money through a legitimate Australian bank account obfuscates the flow of the dirty cash, making it difficult to track. The mules are paid anywhere from $200 to $500 for the use of their personal accounts and may receive a commission on funds received into their accounts (typically about 10 per cent). Fund transfers from legitimate bank accounts can obscure the trail of illicit money. (Getty) Criminals target potential money mules through social media, messaging or gaming platforms, chat forums, online advertisements and even in face-to-face meetings. Job and romance scams and even outright threats have been used to gain access to people's bank accounts for fund transfers. Criminal networks are also increasingly instructing money mules to move funds through cryptocurrency exchanges/ATMs (CATM) and global money transfer apps, as these platforms enable faster and more discreet transfers than traditional banking institutions. In these instances, money mules are instructed to withdraw physical cash from their account and deposit it into a CATM, where the money is sent to a digital wallet controlled by the criminal. According to Scamwatch, $141.7 million was lost to scammers via bank transfers last year. Money laundering convictions carry a maximum penalty of life imprisonment in Australia. AFP Detective Superintendent Marie Andersson said money laundering was an integral part of organised crime. "It is illegal to rent, buy or sell bank accounts, and doing so supports the criminal ecosystem," Andersson said. "Your account may be housing money derived from scams, extortion, drug trafficking and terrorism." ABA Chief Executive Anna Bligh said mule accounts were a key part of a scammer's business model and banks were focused on shutting them down. "I urge Australians to steer clear if you've seen an advertisement or are approached to rent or sell your bank account," she said. "There's a good chance you're being recruited to hide the profits of criminal activity." If you are concerned your identity has been compromised, contact the national identity and cyber support service IDCARE. crime Fraud banks Australia national CONTACT US
