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I do, actually...
NAB - National Australia Bank
- Thread starter JetDollars
- Start date
I do, actually...
Darc Knight
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Bit like the Comm you reckon? They say it takes at least 3-5 years to change a culture.
How's Ken Henry's fall from grace, geez!
“It takes a lifetime to build a good reputation, but you can lose it in a minute.”
bigdog
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Update on yesterdays report re ex chief of staff
https://www.theage.com.au/business/banking-and-finance/police-freeze-7-5m-in-assets-of-ex-chief-of-staff-to-nab-boss-20190207-p50wc4.html?promote_channel=edmail&mbnr=MzIxMDQyMQ&eid=email:nnn-13omn658-ret_newsl-membereng:nnn-04/11/2013-business_news_am-dom-business-nnn-age-u&campaign_code=13IBU020&et_bid=29163431&list_name=2033_age_busnews_am&instance=2019-02-07--20-09--UTC
Police freeze $7.5m in assets of ex chief of staff to NAB boss
By Sarah Danckert, Nick McKenzie and Richard Baker
February 8, 2019 — 12.00am
Police have frozen nearly $8 million in assets owned by the former chief of staff to outgoing National Australia Bank boss Andrew Thorburn including a $1 million NAB bank cheque as part of its investigation into an alleged fraud inside the bank.
The NSW and Victorian supreme courts slapped freezing orders over Rosemary Rogers' $6.2 million property portfolio, three of her bank accounts and the $1m cheque following a proceeds of crime application by the NSW Crime Commission last year.
The orders are part of an investigation by NSW police into allegations Ms Rogers and a corporate event contractor were involved in running a massive fraud against the bank. Ms Rogers has not been charged and the investigation is ongoing.
Ms Rogers is suspected of rorting more than $500,000 from NAB to fund an extravagant overseas family holiday that included first class travel and luxury resort.
Mr Thorburn and NAB chairman Ken Henry suddenly resigned on Thursday in the wake of criticism from the banking royal commission of both men.
On Wednesday, The Age and the Sydney Morning Herald revealed police are investigating whether shoddy oversight inside Mr Thorburn's office enabled and emboldened Ms Rogers and the event contractor to pull off a suspected multi-million dollar fraud.
In November, both papers revealed how Mr Thorburn took a luxury Fiji holiday and a Thermomix arranged by Ms Rogers and the Human Group.
While Mr Thorburn paid several thousands dollars towards the trip, the full cost of it and the Thermomix was ultimately passed on to NAB shareholders via inflated invoices issued by the Human Group.
NAB disclosed a small number of "inadvertent" breaches of the company's policies by Mr Thorburn in relation to Ms Rogers activities in its annual report but said he had been cleared of wrongdoing by the bank's board.
According to October's board minutes, NAB is of the belief the mis-appropriation of funds had begun occurring years before Mr Thorburn's appointment as chief executive.
Ms Rogers was the chief of staff of Mr Thorburn’s predecessor Cameron Clyne, who retired as the bank’s boss in August 2014. There is no suggestion Mr Thorburn is involved in the alleged criminal conduct.
Proceeds of crime restraining orders were slapped over Rosemary Rogers $6.7 million property portfolio amassed between 2013 and 2017, the $1 million cheque, two speedboats and Ms Roger’s 2015 Range Rover in December.
Under the orders, Ms Rogers’ husband Anthony must provide the police with a list of any property held in his name. Calls to their family home in Williamstown went unanswered on Thursday.
Four properties purchased by Ms Rogers are subject to the freezing orders.
This includes a sprawling property in Bellbrae, a desirable rural hamlet nestled between popular beachside towns Torquay and Anglesea. The Rogers’ purchased the property in 2013 for just under a $1m but it is expected to have increased in value.
The Rogers' elegant four-bedroom, heritage-fronted home in Williamstown, replete with an indoor pool is also frozen.
The couple purchased it December 6, 2017 - just weeks after the banking royal commission was called by the federal government.
Also frozen is a two bedroom $700,000 plus “executive” apartment in Williamstown with bayside views purchased in December 2017 as well as a large flat in the Dimmey’s apartment redevelopment in Cremorne just a few kilometres from NAB’s Docklands offices.
A 2016 Chaparral Sunesta motorboat and a Anglapro Sniper motorboats have also been frozen.
Ms Rogers' overseas jaunt is the most egregious transaction being probed by NSW detectives, according to NAB sources.
Two NAB insiders have said that they both had concerns about a culture of largesse and extravagant spending that became normalised inside Mr Thorburn’s office and which allegedly centred around Ms Rogers and contractor, the Human Group.
One NAB insider alleged that Ms Rogers kept a “slush fund” from which she gave staff benefits, including expensive gifts.
The police suspect Ms Rogers and the Human Group devised a system in which they allegedly issued inflated invoices to the NAB to collect kickbacks and cover certain private expenses, including Ms Rogers' $500,000 overseas holiday.
A NAB spokesman said the bank continued to co-operate with police on an inquiry which was instigated by a whistleblower report.
"If the alleged fraud is proven, it represents a most serious breach of trust by a former employee," the spokesman said.
Mr Thorburn told journalists on Thursday night that the bank had reported the situation to the police and it was co-operating with police inquiries.
https://www.theage.com.au/business/banking-and-finance/police-freeze-7-5m-in-assets-of-ex-chief-of-staff-to-nab-boss-20190207-p50wc4.html?promote_channel=edmail&mbnr=MzIxMDQyMQ&eid=email:nnn-13omn658-ret_newsl-membereng:nnn-04/11/2013-business_news_am-dom-business-nnn-age-u&campaign_code=13IBU020&et_bid=29163431&list_name=2033_age_busnews_am&instance=2019-02-07--20-09--UTC
Police freeze $7.5m in assets of ex chief of staff to NAB boss
By Sarah Danckert, Nick McKenzie and Richard Baker
February 8, 2019 — 12.00am
Police have frozen nearly $8 million in assets owned by the former chief of staff to outgoing National Australia Bank boss Andrew Thorburn including a $1 million NAB bank cheque as part of its investigation into an alleged fraud inside the bank.
The NSW and Victorian supreme courts slapped freezing orders over Rosemary Rogers' $6.2 million property portfolio, three of her bank accounts and the $1m cheque following a proceeds of crime application by the NSW Crime Commission last year.
The orders are part of an investigation by NSW police into allegations Ms Rogers and a corporate event contractor were involved in running a massive fraud against the bank. Ms Rogers has not been charged and the investigation is ongoing.
Ms Rogers is suspected of rorting more than $500,000 from NAB to fund an extravagant overseas family holiday that included first class travel and luxury resort.
Mr Thorburn and NAB chairman Ken Henry suddenly resigned on Thursday in the wake of criticism from the banking royal commission of both men.
On Wednesday, The Age and the Sydney Morning Herald revealed police are investigating whether shoddy oversight inside Mr Thorburn's office enabled and emboldened Ms Rogers and the event contractor to pull off a suspected multi-million dollar fraud.
In November, both papers revealed how Mr Thorburn took a luxury Fiji holiday and a Thermomix arranged by Ms Rogers and the Human Group.
While Mr Thorburn paid several thousands dollars towards the trip, the full cost of it and the Thermomix was ultimately passed on to NAB shareholders via inflated invoices issued by the Human Group.
NAB disclosed a small number of "inadvertent" breaches of the company's policies by Mr Thorburn in relation to Ms Rogers activities in its annual report but said he had been cleared of wrongdoing by the bank's board.
According to October's board minutes, NAB is of the belief the mis-appropriation of funds had begun occurring years before Mr Thorburn's appointment as chief executive.
Ms Rogers was the chief of staff of Mr Thorburn’s predecessor Cameron Clyne, who retired as the bank’s boss in August 2014. There is no suggestion Mr Thorburn is involved in the alleged criminal conduct.
Proceeds of crime restraining orders were slapped over Rosemary Rogers $6.7 million property portfolio amassed between 2013 and 2017, the $1 million cheque, two speedboats and Ms Roger’s 2015 Range Rover in December.
Under the orders, Ms Rogers’ husband Anthony must provide the police with a list of any property held in his name. Calls to their family home in Williamstown went unanswered on Thursday.
Four properties purchased by Ms Rogers are subject to the freezing orders.
This includes a sprawling property in Bellbrae, a desirable rural hamlet nestled between popular beachside towns Torquay and Anglesea. The Rogers’ purchased the property in 2013 for just under a $1m but it is expected to have increased in value.
The Rogers' elegant four-bedroom, heritage-fronted home in Williamstown, replete with an indoor pool is also frozen.
The couple purchased it December 6, 2017 - just weeks after the banking royal commission was called by the federal government.
Also frozen is a two bedroom $700,000 plus “executive” apartment in Williamstown with bayside views purchased in December 2017 as well as a large flat in the Dimmey’s apartment redevelopment in Cremorne just a few kilometres from NAB’s Docklands offices.
A 2016 Chaparral Sunesta motorboat and a Anglapro Sniper motorboats have also been frozen.
Ms Rogers' overseas jaunt is the most egregious transaction being probed by NSW detectives, according to NAB sources.
Two NAB insiders have said that they both had concerns about a culture of largesse and extravagant spending that became normalised inside Mr Thorburn’s office and which allegedly centred around Ms Rogers and contractor, the Human Group.
One NAB insider alleged that Ms Rogers kept a “slush fund” from which she gave staff benefits, including expensive gifts.
The police suspect Ms Rogers and the Human Group devised a system in which they allegedly issued inflated invoices to the NAB to collect kickbacks and cover certain private expenses, including Ms Rogers' $500,000 overseas holiday.
A NAB spokesman said the bank continued to co-operate with police on an inquiry which was instigated by a whistleblower report.
"If the alleged fraud is proven, it represents a most serious breach of trust by a former employee," the spokesman said.
Mr Thorburn told journalists on Thursday night that the bank had reported the situation to the police and it was co-operating with police inquiries.
PZ99
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National Australia Bank Ltd (NAB) today announced additional charges of $525 million after tax ($749 million before tax) in connection with increased provisions for its customer-related remediation program. This is expected to reduce 1H19 cash earnings by an estimated $325 million and earnings from discontinued operations by an estimated $200 million.
Nothing about the dividend... yet. They report on May 2
Nothing about the dividend... yet. They report on May 2
PZ99
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I'm expecting downside after the reports (and RBA cash rate 7th May) hit the market this week.
PZ99
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Don't listen to anything I just said then, they're all loosing money and flying upwards.
Go Figure
PZ99
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Crikey - they've cut the divvy !
83 cents.
83 cents.
PZ99
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Another pathetic situation for shareholders. Oh but we have to have a strong capital position as per regulation.
Another CEO we come in. For them to be taken seriously they should be sacking a quarter of there workforce.
Banks are shrinking yet they not making changes to staff.
Another CEO we come in. For them to be taken seriously they should be sacking a quarter of there workforce.
Banks are shrinking yet they not making changes to staff.
So_Cynical
The Contrarian Averager
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Banks have to fall, they just have to lose some of their value, you simply cannot have a housing market
collapse combined with the RC provisioning and credit tightening and not see the SP fall and dividends cut.
collapse combined with the RC provisioning and credit tightening and not see the SP fall and dividends cut.
tinhat
Pocket Calculator Operator
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I'm happy with my load up of NAB. I sold out of most of my recent long position (late last year?) at a modest profit earlier this year and kept a few for accumulation for long term in the SMSF.
This stuff is rather simple. Things go in cycles, markets over-reach. Dividend are money in your bank account.
This stuff is rather simple. Things go in cycles, markets over-reach. Dividend are money in your bank account.
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I question though to what extent the market priced this in earlier?
This stock is down about a third since its post-GFC high in 2015 so to some extent the market may have priced in the housing situation?
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Hmm ...
Banks, whilst well off their lows, most having bitten the bullet on the royal commission, we I suspect are likely already having seen the lows not so long ago.
Those lows I hope we visit again. NAB at say $1.66 dividend and lets ignore franking .... at $25.85 ish its a yield of close to 6.5%.
RBA did not cut yesterday. I think yes maybe they do in the future, but not sure if its relevant when 1.5% cash in the bank v 6.5% yield one makes 5% more .... tax free ... every year. whilst I hope to see the shares lower and they WILL go lower when the dividend is paid next week or they go EX .... at $24- that's 7% roughly yield.
Do I think the housing market gets too much worse ? Maybe, but as time ticks on, and prices slip a bit more, already having let out most of the steam, I suspect the main part of the pain is reduced.
It is an I wish we see $24 and a bit lower, and I don't see too many issues longer term via the yield. Whist I don't see any dividend growth for some time, the opposing force is an alternative and I see interest rates down at 1.5% or maybe lower for some time. Eventually, a yield of 6.5% will be seen as a good deal and we head back towards $30-.
For now, stripping out the dividend ... we are about to get its trading at $25- or 6.64% ... already having cut its dividend ratio and LESS expose to residential market than the other big banks.
Not going to make anything out of this one expecting dividend growth as such, but ... for me, the value has been there and in 2012 the $20 and below was a steal .... trimmed holdings into extreme up moves and here, into she hates me market, happy to add.
Good luck
Banks, whilst well off their lows, most having bitten the bullet on the royal commission, we I suspect are likely already having seen the lows not so long ago.
Those lows I hope we visit again. NAB at say $1.66 dividend and lets ignore franking .... at $25.85 ish its a yield of close to 6.5%.
RBA did not cut yesterday. I think yes maybe they do in the future, but not sure if its relevant when 1.5% cash in the bank v 6.5% yield one makes 5% more .... tax free ... every year. whilst I hope to see the shares lower and they WILL go lower when the dividend is paid next week or they go EX .... at $24- that's 7% roughly yield.
Do I think the housing market gets too much worse ? Maybe, but as time ticks on, and prices slip a bit more, already having let out most of the steam, I suspect the main part of the pain is reduced.
It is an I wish we see $24 and a bit lower, and I don't see too many issues longer term via the yield. Whist I don't see any dividend growth for some time, the opposing force is an alternative and I see interest rates down at 1.5% or maybe lower for some time. Eventually, a yield of 6.5% will be seen as a good deal and we head back towards $30-.
For now, stripping out the dividend ... we are about to get its trading at $25- or 6.64% ... already having cut its dividend ratio and LESS expose to residential market than the other big banks.
Not going to make anything out of this one expecting dividend growth as such, but ... for me, the value has been there and in 2012 the $20 and below was a steal .... trimmed holdings into extreme up moves and here, into she hates me market, happy to add.
Good luck
Bill M
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Was just looking at the chart of NAB, it first hit this current price (Approx $24) around 20 years ago. So for 20 years no growth. But some good SPP's and dividends with franking credits have come through over the time.
I'm a holder, I think if nothing else the divies have been good over this time. Still happy to hold at current levels. (My original buy price)
I'm a holder, I think if nothing else the divies have been good over this time. Still happy to hold at current levels. (My original buy price)
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Agreed ...
Ex Div and its squished. I agree with no growth ... its paid it out via dividends too high for a long time. As well as that increased capital needed to avoid any GFC event so more put as reserves.
Here, well ... I am still of the opinion that maybe we don't cut rates. Not until needed. So at $1.66 Div a $24- share price is 6.9% and for me, its a good deal. Franking either way not an issue and tax free 6.9% verses 1.5% or maybe 2% with tax is not even a question. Sure we may head lower and with a lot going on via the USA with a lot of issues from China and trade to Iran and other war efforts, added to this Trump being chased for 20 odd reasons .... maybe we do get it lower.
Happy either way. At $22- and not thinking the dividend is under any threat unless the world ends ... at $22- its 7.55% and NAB is the least exposed to the housing side as well.
Conversely, if it were to rise over time its becomes not so great above $28.50 but that is a long way away.
Ex Div and its squished. I agree with no growth ... its paid it out via dividends too high for a long time. As well as that increased capital needed to avoid any GFC event so more put as reserves.
Here, well ... I am still of the opinion that maybe we don't cut rates. Not until needed. So at $1.66 Div a $24- share price is 6.9% and for me, its a good deal. Franking either way not an issue and tax free 6.9% verses 1.5% or maybe 2% with tax is not even a question. Sure we may head lower and with a lot going on via the USA with a lot of issues from China and trade to Iran and other war efforts, added to this Trump being chased for 20 odd reasons .... maybe we do get it lower.
Happy either way. At $22- and not thinking the dividend is under any threat unless the world ends ... at $22- its 7.55% and NAB is the least exposed to the housing side as well.
Conversely, if it were to rise over time its becomes not so great above $28.50 but that is a long way away.
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Wow ....
All I can say ...
In a mere day, buying into what was extreme weakness and ignoring all on the election side late last week, and in a single day we leap tall buildings.
Not often one sees this, not without some dramatic profit announcement that the sentiment turns and its yet again she loves me.
Still some ways away from a level I hate the stock, for it being too high, or don't like it for the above reasons ... but the extreme slaughter they visited upon this NAB and WBC ... in particular on Friday and up 9% ... since I must admit being so overweight banks that it even worried me I had missed something, its nice to be a bit lighter and yet again play the same game.
She loves me ... she hates me ...
Liberals and their lower taxing and more likely less to hit the banks yet again, suggests at some stage we see it even higher over time. Say another 5% close to the $28.50 v the $25.92 high today .
That said, I admit, reduced a bit today on this gift and making my portfolio look not like some banking advertisement. Ohhh and free dividends all around plus small profit even on them after the rally. Just switching the entry price so far down ... its amusing ...
Have fun
All I can say ...
In a mere day, buying into what was extreme weakness and ignoring all on the election side late last week, and in a single day we leap tall buildings.
Not often one sees this, not without some dramatic profit announcement that the sentiment turns and its yet again she loves me.
Still some ways away from a level I hate the stock, for it being too high, or don't like it for the above reasons ... but the extreme slaughter they visited upon this NAB and WBC ... in particular on Friday and up 9% ... since I must admit being so overweight banks that it even worried me I had missed something, its nice to be a bit lighter and yet again play the same game.
She loves me ... she hates me ...
Liberals and their lower taxing and more likely less to hit the banks yet again, suggests at some stage we see it even higher over time. Say another 5% close to the $28.50 v the $25.92 high today .
That said, I admit, reduced a bit today on this gift and making my portfolio look not like some banking advertisement. Ohhh and free dividends all around plus small profit even on them after the rally. Just switching the entry price so far down ... its amusing ...
Have fun
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WOW, this is going to hurt NAB's bottom line, shonky financial advisers.
Just proves the old saying, yet again, "you can delegate responsibility, but not accountability".
https://www.smh.com.au/business/ban...ayments-software-changes-20191002-p52wun.html
From the article:
NAB said a key driver for the compensation payments was ongoing adviser service fees charged by self-employed NAB advisers. The bank said it was making allowance for more than a third of the ongoing service fees its advisers charged between 2008 and 2018.
I do hold.
Just proves the old saying, yet again, "you can delegate responsibility, but not accountability".
https://www.smh.com.au/business/ban...ayments-software-changes-20191002-p52wun.html
From the article:
NAB said a key driver for the compensation payments was ongoing adviser service fees charged by self-employed NAB advisers. The bank said it was making allowance for more than a third of the ongoing service fees its advisers charged between 2008 and 2018.
I do hold.
Last edited:
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Well Nab's results are in, a severe drop in earnings, as expected. It looks as though the result is already factored in to the price, as it held up today.
16% drop in dividend to $1.66, still about 6% at these prices.
https://www.abc.net.au/news/2019-11-07/nab-full-year-profit-2019-down/11676694?section=business
I do hold.
16% drop in dividend to $1.66, still about 6% at these prices.
https://www.abc.net.au/news/2019-11-07/nab-full-year-profit-2019-down/11676694?section=business
I do hold.
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