NAB’s boss Andrew Thorburn says he’s “ashamed” bank officers within the company have been involved in fraudulent activities as exposed in the Royal Commission.

The National Australia Bank’s Chief Executive tells Ross Greenwood those actions are “not what our bank and banking’s been built on”.

“I’m ashamed.

“Because that’s a terrible reputation impact for our bank, for the 33,000 people who work here who are not like that.”

Mr Thorburn says the banking industry needs to rebuild but will “come back stronger”.

“I think we’ve got challenges and I do think the reputation challenges are a burning platform for the bank and the sector.

“There’s a time now for a real generational change in the way we lift ourselves up and work through this.”

On whether we’ve heard the worst from the Royal Commission, Mr Thorburn says there’ll be more to come “for some time”.

“What we need to do as bankers, is own it. Say we’re sorry but also say that’s not what most of our people are like.

“I still think there’s going to be pain and embarrassment as we go through it.”

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