NAB restructures business units
(21 July 2016 – Australia) National Australia Bank (NAB) has announced an extensive organisational restructure which will see three members of its executive leadership team leave the company.
The bank’s business division will be renamed ‘Business and Private Banking’, and will focus on “priority SME customers”, NAB said in a statement. Angela Mentis will lead this business as chief customer officer, Business & Private Banking.
The new division will combine ‘nabBusiness’ with specialised agriculture, health, government, education and community services along with private banking and JBWere, as well as the small business segment from personal banking.
The bank has indicated that a new customer facing business unit will be created. The Corporate and Institutional Banking (CIB) unit will include Corporate and Institutional Banking businesses, as well as Fixed Income, Currencies and Commodities (FICC) and Capital Financing businesses. Asset Servicing and International Branches will also reside within the new division.
The CIB division will be headed by Cathryn Carver while an internal and external executive search is conducted.
Products and Markets becomes Customer Products and Services and now includes Banking and Wealth products, strategy, digital, NAB Labs/Ventures, marketing and corporate affairs. Antony Cahill will lead this business as chief operating officer.
The restructure also sees the bank’s wealth management and personal banking brought under the same division.
According to NAB, both Group Executive, Personal Banking, Gavin Slater and Group Executive, Enterprise Services and Transformation, Renee Roberts will no longer have positions within the bank, while Michaela Healey who was Group Executive of Governance and Reputation has said she will be retiring.
Further, the bank said that under the restructure, Personal Banking will become Consumer Banking and Wealth Management and will now include the distribution components of Wealth Management, as well as the Personal Banking network. The revamped business will be led by Andrew Hagger, as chief customer officer, Consumer Banking and Wealth Management.
NAB’s group chief executive, Andrew Thorburn, said: "We have had a very clear plan over the last two years and have taken the action required to execute that plan. We have made progress, our customers are noticing the positive changes and our staff engagement score is the highest it has ever been but we need to do better.”
"This new organisational structure will enable us to continue the pace of change while providing greater clarity for our customers and our people."
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