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Banking inquiry: Big Four chiefs face a grilling in Parliament -

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ANDREW THORBURN, CEO, NATIONAL AUSTRALIA BANK: To our customers, I acknowledge we have not always delivered as well as we could or should have. We must do better.

BRIAN HARTZER, CEO, WESTPAC: In recent years it is clear a trust gap has opened up and we as an industry and as individual banks need to work harder to close that gap.

ANDREW THORBURN, CEO, NAB: Because for bankers, trust is the currency that matters the most.

DAVID COLEMAN, COMMITTEE CHAIR: How many senior executives have been terminated as a result of this?

ANDREW THORBURN: Well, there's been a number of incentive reductions, or non-payment.

DAVID COLEMAN: If you just address the question - how many senior executives have been terminated as a result of these behaviours in your wealth management division?

ANDREW THORBURN: Well, I think. I don't think there's any.

MATT THISTLEWAITE, DEPUTY CHAIR: They've got a target they have to meet each week of trying to push one home loan, one Wealth Plus credit card, insurance, personal loan. How that in the consumer's best interests?

ANDREW THORBURN: Well, it depends on how it's done.

BRIAN HARTZER: There is a reward for people if they perform across a range of measures and I think it's also important to remember it is a relatively small, even after all that, it's a relatively small part of their pay.

MATT THISTLEWAITE: It's a personal banker award, is it?


MATT THISTLEWAITE: In the form of a bonus?

BRIAN HARTZER: It is a quarterly incentive payment.

MATT THISTLEWAITE: And roughly how much is it?

BRIAN HARTZER: It is less than 5 per cent of their pay for a personal banker.

MATT KEOGH, LABOR MP: Have you had conversations with anyone in the Government about the idea of setting up a tribunal to deal with customer complaints prior to today?

BRIAN HARTZER: I think I was at one meeting a couple of months ago where the idea was mentioned. It was certainly not an extensive conversation.

MATT KEOGH: And who was that with?

BRIAN HARTZER: I would guess but it might have been the Treasurer.

MATT THISTLEWAITE: And did those discussions also include, as one of the topics, avoiding a royal commission?

BRIAN HARTZER: Not in detail.