RETAIL BANKING | Staff Reporter, Singapore

Consumer banking chief Andrew Hagger leaves NAB

Andrew Hagger has led a division that has been the subject of a widespread inquiry.

Reuters reports that Andrew Hagger, consumer banking executive of National Australia Bank (NAB) is leaving the embattled bank by October 1 in the latest high-profile casualty from a powerful inquiry that has uncovered decades of widespread corporate misconduct. 

Also read: Australia's big banks are abusing their industry dominance: report

Hagger will leave the bank after 10 years of being in charge of a division that has been under intense scrutiny after allegedly charging fees to thousands of retirees for financial advice that never materialised.  “I take accountability for what has occurred on my watch, and accept that alongside successes were failures, including instances where we did not act with the pace required,” Hagger said in a statement.

Also read: CFO Rob Jesudason leaves CBA

Former New South Wales state premier Mike Baird will take over as chief customer officer of consumer banking.

Here’s more from Reuters:

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