NAB to shed 6000 jobs and create 2000 new digital positions

National Australia Bank Profit Rebounds, Dividend Steady

Since taking over as chief executive in late 2014, Andrew Thorburn has spun off and listed CYBG PLC (CYBG.LN), a company housing Clydesdale and Yorkshire Bank in the United Kingdom, sold an 80% stake in its insurance arm and also listed regional USA lender Great Western Bancorp Inc.

National Australia Bank (NAB) will make 6,000 job cuts over the next three years with its digital banking revamp and long-term strategy to maintain profit.

Though a record profit, the small rise marks a consecutive year of modest growth and contrasts with the regular double-digit increases of just a few years ago.

The aggressive restructuring comes amid a global push by banks to eke out better returns through tight control of costs and replacing staff with improved technology.

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There will be a loss of 6,000 jobs over three years but the bank's chief executive, Andrew Thorburn, said the net loss would be closer to 4,000 as 2,000 new digitally focused positions will be created.

"Detail is light on how the bank has determined that 6,000 jobs are to be cut, and where and when", Angrisano said in a statement.

NAB said the results were "consistent" while it equally matched some analysts' expectations.

The bank's outlook remained positive as it forecast an upturn in business investment and government spending.

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"Some of our people will leave the bank, and we are announcing a new program, The Bridge, to support them", he said. It said statutory net profit rose to A$5.29 billion from A$352 million from the previous year when it took a one-off charge related to the sale of its British business.

"We will now deliver a further $25 million of annualised recurring cost savings from headcount reductions, which will commence in the 2018 financial year", he said.

NAB's full-year results, released Thursday (2 November), show that the group recruited an additional 338 brokers across aggregators PLAN, Choice and FAST for the 12 months ended 30 September 2017. It settled a case with Australia's corporate regulator last week over possible fixing of the country's benchmark interest rate.

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Macro made the remarks during a phone conversation with Iraqi Prime Minister Haydar al-Abadi on Saturday. Kurdish presidential elections scheduled to be held in November have been postponed indefinitely.

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