NAB boss Andrew Thorburn has cancelled his long-service leave after he and the bank's chairman Ken Henry were singled out by Kenneth Hayne for allowing misconduct to continue under their watch.
In a , the royal commission's final report released on Monday found evidence of misconduct and greed, at the expense of customers and businesses.
In an interview on Your Money on Tuesday, Mr Thorburn said the criticism made by Mr Hayne was "harsh".
NAB chief executive Andrew Thorburn has cancelled his leave. Source: AAP
"I feel the way that he is describing me is the polar opposite of what I want to be and what I am," he said.
Mr Thorburn's future has been subject to speculation from analysts and investors since December, when he announced he was going on leave both before and after the release of the Hayne report.
He said he had cancelled the remainder of his two months' leave to lead NAB's response to a report, but defended his original decision.
"You have a life outside the company. You know I’ve got a marriage, I’ve got children, I’ve got elderly parents. They’re the people who I want to spend some time with.
“And I don’t think it’s unreasonable, particularly as I’ve been with the bank 14 years and you build up long service leave, that I do take that.
In a video posted to Twitter, Thorburn said he was "more determined than ever" to lead the bank despite strong criticism from Comissioner Kenneth Hayne.
"I am proud to be CEO of NAB, and am more determined than ever to lead NAB with even greater urgency and intensity and show through our ongoing actions that we do what we say," Mr Thorburn said.
Investors seemed to welcome the news, driving NAB shares almost three per cent higher in the first 15 minutes of trade on Tuesday.
Mr Thorburn, who was also shaken last year by allegations a NAB employee he considered a personal friend was involved in a multimillion dollar fraud against the lender, told customers in a video message he was committed to leading the bank's response.
He did not say for how long that would be.
"Our people are committed, we want to earn your trust, we want to get better, but that trust gets earned by action and by decisions we make every single day," Mr Thorburn said in the message posted on social media.
Meanwhile, AMP acknowledged the conflicts of interest in financial services highlighted in the final report, but said there are still benefits to its business model.
AMP, which has lost more than half its market value since its serious misconduct was made public at the royal commission, said on Tuesday the royal commission had already been a catalyst for change at the company.
Chairman David Murray, who last year replaced Catherine Brenner in one of those changes, said AMP's advice model offered benefits to consumers despite Commissioner Hayne's reservations about vertically integrated financial services.
"AMP notes that the benefits of vertical integration remain available for customers while acknowledging that conflicts of interest need to be more effectively managed," Mr Murray said in a statement.
"The proposed regulatory changes will require serious and determined effort to implement but, with the support of industry, should deliver better outcomes for customers."
AMP faces possible criminal prosecution for misleading ASIC over fees for no service after thousands of dead superannuation customers were charged for life insurance.
The royal commission under Kenneth Hayne heard of bad practices in the financial services industry. Source: AAP
Commonwealth Bank, ANZ and Westpac all acknowledged the commission report late on Monday after its release, signalling their cooperation.
CBA CEO Matt Comyn said there was a "clear need for change", while ANZ described the Hayne report as a "defining moment" for the bank and the financial services industry.
"It has been a humbling experience for me, our leaders and all our people: We have learnt from this and accepted responsibility for our failings," ANZ chief executive Shayne Elliott said on Monday night.
Westpac said it had already taken steps to address some of the issues raised.
"Our focus remains on learning from the mistakes of the past and preventing them from happening again," chief executive Brian Hartzer said.
Commission should have been called sooner
While former prime minister Malcolm Turnbull told reporters on Tuesday he regretted not calling the commission sooner.
"I believe with the benefit of hindsight we should have held the royal commission earlier," he said.
"It was started perhaps 18 months later than it should have been."
The coalition government relented to pressure to call the royal commission in late 2017, after calling it an unnecessary "populist whinge".
Nationals Senator John 'Wacka' Williams led the calls for a banking royal commission from 2009, before the Greens and then Labor adopted the policy.
Prime Minister Scott Morrison last year admitted he was wrong not to address the "real hurt" Australians were feeling at the hands of the financial sector.
But Treasurer Josh Frydenberg said on Tuesday it was time to move forward.
"I think everybody has been surprised by some of the things that they've heard through the royal commission, but the important thing is to look forward to the future," he told Seven's Sunrise.
He has promised action on all 76 recommendations in the royal commission's final report but is avoiding a crackdown on mortgage brokers that could end 25,000 small businesses.
