National Australia Bank is overhauling its technology systems, which were criticised by regulators for failing to prevent the A$360m (€210m) foreign exchange scandal this year, by cutting its IT spending by up to 40%.

John Stewart, the bank's new chief executive, is understood to have ordered a 40% cut in NAB's IT budget - believed to be around A$1bn - for the next financial year, in a bid to drive efficiency.