Following the announcement, John Stewart announced that he would be stepping down as chief executive to be replaced by Cameron Clyne. Read Business Spectator's full analysis below.
NAB will shock Wall Street
National Australia Bank's $830 million write-down is the first domino to fall in series of bank losses that will place the US financial sector under unprecedented pressure.
NAB's decision to make a 90 per cent provision on its CDO exposure will send shockwaves through world markets and NAB itself will be hit again as that wave of panic returns.
NAB fails to make the grade
In the wake of massive write-downs, NAB has pointed the finger firmly in the direction of the ratings agencies. But that doesn't address the failures within the bank's own risk management operations.
NAB's lessons for Clyne
Incoming NAB CEO Cameron Clyne needs to understand that when Don Argus stepped down in 1999, the credit monitoring operations he had helped create began eroding – with disastrous results.
Just the man for the job
The succession plan at NAB was moving like clockwork until last week's troublesome $830 million write-down. Cameron Clyne has emerged from a strong field of candidates with a skill set that the bank desperately needs.
NAB's UK conundrum
As new CEO Cameron Clyne reviews NAB's risk management and strategy, he'll face a tough choice – ramp up its UK presence, or pull out completely.