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Leadership, Culture and Employee Deceit: the case of the National Australia Bank


  • Steven Dellaportas
  • Barry J. Cooper

    (Deakin University (Geelong campus), Australia)

  • Peter Braica

    (La Trobe University)


The National Australia Bank (NAB), one of Australia's largest banks, announced losses in 2004 of AUD$360 million due to unauthorised foreign currency trading activities by four employees who incurred and deceptively concealed the losses. The NAB had in place risk limits and supervision to prevent trading desks ever reaching positions of this magnitude. However, the risk management policies and procedures proved ineffective. The purpose of this paper is to analyse the deceit, via a content analysis of official investigative reports and other published documents, to determine the extent to which the Bank's culture and leadership may have influenced the rogue traders' behaviour. The findings suggest that cultural issues, and the role played by the Bank's leaders, were influential in creating a profit-driven culture that ultimately impacted the Bank's foreign exchange operating activities. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

Suggested Citation

  • Steven Dellaportas & Barry J. Cooper & Peter Braica, 2007. "Leadership, Culture and Employee Deceit: the case of the National Australia Bank," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1442-1452, November.
  • Handle: RePEc:bla:corgov:v:15:y:2007:i:6:p:1442-1452

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    References listed on IDEAS

    1. Joanne Martin, 1995. "The Style and Structure of Cultures in Organizations: Three Perspectives," Organization Science, INFORMS, vol. 6(2), pages 230-232, April.
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    Cited by:

    1. Felicity Fallon & Barry J. Cooper, 2015. "Corporate Culture and Greed — The Case of the Australian Wheat Board," Australian Accounting Review, CPA Australia, vol. 25(1), pages 71-83, March.

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