NAB crisis deepens as CEO, chairman go after commission criticism

The crisis at National Australia Bank deepened on Thursday as chairman Ken Henry and chief executive Andrew Thorburn both resigned after withering criticism from the banking royal commission.

The bank said board member Phil Chronican would act as chief executive from March after Thorburn's departure at the end of February.

Henry said he would retire after the bank had appointed a permanent chief executive.

Both men came under the spotlight from the commission, which reported its findings earlier this week. NAB's wealth management arm was found to have charged AUD$100M (£55m) in fees for no services in return whatsoever.

"I'm sad to be leaving NAB in these circumstances, but it's absolutely the right thing to do, it gives NAB the opportunity to reset," Henry said.

Opposition Leader Bill Shorten said the resignations would not be enough to stop public outrage at the sector's behaviour.

"For Australians sitting at home tonight that have been victims of banking industry misconduct this news will be little comfort," he said.

"They don’t want to just see a couple of bankers kissed goodbye with golden handshakes. They want real change to cut the rot out of our banks."