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Australia's NAB says incentives 'root cause' of fraud

Reuters  |  SYDNEY 

By Jonathan Barrett and Paulina DuranSYDNEY (Reuters) - National Australia Bank Ltd's system of bonuses and incentives encouraged bankers to engage in fraudulent lending practices to boost their incomes, NAB told a powerful judicial inquiry into the scandal-ridden sector on Wednesday.Scrutiny of the bank's various incentive schemes dominated the second day at the Royal Commission in Melbourne, where the country's fourth-biggest bank conceded falsified mortgage documents were used to help people collect bonuses and commissions and beat sales targets."So from a very early point, NAB was aware ...

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First Published: Wed, March 14 2018. 12:45 IST