Shining a light on NAB’s losses

NAB fallout

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An investigation into the causes of national Australia Bank’s (NAB) A$360 million ($270 million) foreign currency options trading losses has identified an astonishing combination of risk management failures, breakdowns in financial controls and absence of management supervision within the bank. The no-holds-barred report follows a two-month investigation by consultancy firm Price- waterhouseCoopers (PwC) after the losses emerged in mid-January. The 52-page report points to a number of

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