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NAB moves forward with planned job cuts

NAB moves forward with planned job cuts

(22 February 2018 – Australia) National Australia Bank (NAB) has announced it will move ahead with planned job cuts, with the first 1000 to go as part of a A$1 billion cost-cutting exercise amid increased competition, and aimed at making NAB a "simpler, faster bank".

The bank’s CEO, Andrew Thorburn said in November that around 6000 existing jobs would disappear over three years, to reduce overhead, while NAB also increased technology investment.

"We need to be ready for a world where our competitors and maybe the growth outlook will be such that costs and efficiency will be at premium," Thorburn stated.

NAB’s chief people officer, Lorraine Murphy said, "The proposed new structure will reduce the layers and complexity in the bank so that we can be simpler, make decisions faster and be even closer to our customers."

“We said we would provide the utmost care and respect for all of our people. This remains our priority.

“We will acknowledge the contribution that people who are leaving us have made. We will show through our actions that we care. For people who do ultimately leave us through redundancy, they will have access to world-class support to help them prepare for future success via The Bridge program."

Although the bank is cutting those jobs, it says it will create 2000 roles focussed on technology.

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