National Australia Bank chief executive Frank Cicutto has resigned in the aftermath of the rogue trading scandal which has cost Australia's biggest lender at least A$360m.
Cicutto, who will receive a termination settlement of A$3.27m, was replaced immediately by the head of NAB's British operations, John Stewart.
Only last week Cicutto was still insisting he would remain in his job in the face of media speculation he was facing the sack amid the furore which has engulfed the bank since the scandal involving four dealers was revealed on January 13.
'I regret the decision was necessary but I believe it is in the best interests of the bank,' Cicutto said.
The dealers involved in the rogue foreign exchange transactions - three in Melbourne and one in London - were suspended on January 13 pending an investigation by police and corporate regulators and a forensic audit by accountants PricewaterhouseCoopers.
The bank announced last week its losses in the forex furore were double initial estimates: A$185m directly related to the rogue trades and A$175m in a subsequent revaluation of its foreign exchange portfolio.
