NAB (ASX:NAB) share price lifts amid reports of another pay scandal

The National Australia Bank (ASX: NAB) share price is up slightly after reports the bank will face legal action for alleged unpaid wages.
The post NAB (ASX:NAB) share price lifts amid reports of another pay scandal appeared first on The Motley Fool Australia. –

The National Australia Bank Ltd (ASX: NAB) share price is edging higher this afternoon despite reports of another staffing pay scandal. The Australian reported today the banking giant is about to face legal action from the Finance Sector Union (FSU) over the underpayment of full-time staff.

At the time of writing, shares in the banks are trading at $26.91, up 0.11%. At the same time, the S&P/ASX 200 Index (ASX: XJO) is 0.13% higher.

Let’s take a closer look at today’s news and how it might be affecting the NAB share price.

NAB and FSU headed to court

In what The Australian says could be Australia’s largest underpayment claim, the FSU and NAB are heading to court to battle over “hundreds of millions of dollars” in alleged staff underpayments.

NAB has previously had to repay part-time and casual staff $55 million in compensation from underpayment claims. According to a source quoted in the paper, this case could affect many more people.

The FSU claims said senior staff were working in excess of 50 or 60 hours a week, well above their contracted 40 hours per week.

NAB countered by saying senior staff were not paid for their hours worked, but rather “modelling against the banking, finance and insurance award where relevant and market analysis for equivalent full-time roles,” as quoted in The Australian.

According to the report, the FSU will soon begin legal proceedings in Federal Court.

NAB share price snapshot

The NAB share price has increased 61.1% over the past 12 months but is the second-worst performer of the big four banks over that time. Taking an extended look at the banking industry, Nab shares have performed better than Macquarie Group Ltd (ASX: MQG) and Suncorp Group Ltd (ASX: SUN) in the past 12 months, but worse than Bendigo and Adelaide Bank Ltd (ASX: BEN).

The NAB share price reached a 52-week high of $27.84 earlier this month and has since fallen 3.7%. Back in 2017, shares in the bank were valued at above $30 each. They have not reached that level since then.

NAB has a market capitalisation of $88.4 billion.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

More reading

Expert says buy these ASX expensive defensives as market momentum is peaking

ASX 200 Weekly Wrap: ASX whipsaws in volatile week

The ANZ (ASX:ANZ) share price leads the ASX 200 banks this week
The 6-bagger ASX share that I now regret selling: fundie

ASX bank shares primed for dividend bonanza

The post NAB (ASX:NAB) share price lifts amid reports of another pay scandal appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!