NAB top executives cave to pressure

The National Australia Bank Ltd. (ASX: NAB) share value will face a stormy session tomorrow when its top 2 executives gave in to pressure and declared their resignation when the market closed today.

The bank has conjointly taken the chance to report its quarterly business update, maybe in hope that investors wouldn’t be too bothered by the amendment in leadership at the embattled bank, that is arguably facing the most pressure from the Banking Royal Commission.

CEO Andrew Thorburn and chairman Ken Henry have declared that they’re going to be stepping down from the bank, after both were specifically criticised within the Banking Royal Commission’s final report released earlier this week.

The NAB share value rallied today 1.3% to $24.93 however was behind its peers the Commonwealth Bank of Australia (ASX: CBA) share value, Westpac Banking corporation (ASX: WBC) share value and Australian and New Zealand Banking group (ASX: ANZ) share value.

Mr Thorburn will leave the bank at the completion of this month whereas Dr Henry will leave at the employment of a new CEO.

Their statements released in today’s announcement relating to their resignations had hints of defiance, suggesting that they may not go down easily, must to the frustration of angry customers and shareholders.

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