NAB drifted, lost its purpose: CEO Andrew Thorburn tells Royal Commission

National Australia Bank chief executive Andrew Thorburn concedes that the bank lost its way and put shareholder interests ahead of customers. 

Mr Thorburn said the N-A-B executives were chasing incentives rather working towards the long term vision of the bank. 

But Mr Thorburn has stopped short of agreeing that fixed pay for bankers would do much to rein in banker misconduct. 

ABC's Peter Ryan is covering the Royal Commission.