NAB postpones trading losses report, speaks to USSEC
Melbourne -- At the end of February, National Australia Bank (NAB) announced that it was putting back the publication of its report into unauthorised trading losses at the bank until mid-March. The report, commissioned by NAB and conducted by PricewaterhouseCoopers, was originally scheduled for release in February. But new NAB chairman, Graham Kraehe, said: "It is important that this work is done thoroughly, rather than rush to an arbitrary timetable."
Kraehe, who took over as chairman after former chairman Charles Allen resigned on February 16, reiterated that the report would show "several control breakdowns". The comments were made in Kraehe’s letter to shareholders following his assumption of his new role in late February. He said he has three short-term priorities: to deal with the FX options matter in an "open and transparent matter"; to
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