A fresh start for NAB as Thorburn cleans house

NAB’s new chief executive is not wasting any time when it comes to dealing with the land mines left behind by Cameron Clyne.

Andrew Thorburn has attempted to rule a line under National Australia Bank’s troubled UK banking operations with today’s $964 million writedown ahead of an eventual sale of the business, and investors have rewarded his candour.

Uncertainty over the long-running woes and misconduct-related matters has hung over the bank and Thorburn has moved swiftly to deal with the inheritance since he took over as chief executive from Cameron Clyne on August 1.

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