The chief executive of the National Australia Bank Andrew Thorburn admits the banking industry is facing a “cultural challenge” in the wake of the devastating interim report into misconduct in financial services.

Last week, the Royal Commission handed down its report, with Kenneth Hayne declaring the banks were “driven by greed and dishonesty” and guilty of “putting profits before people”.

“This is a real burning platform for change in banking and I want us to take that,” he told Neil Mitchell.

“That is exactly what we have to face in to.”

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