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NAB begins its first wave of job cuts

NAB begins its first wave of job cuts

(9 April 2018 – Australia) National Australia Bank has begun the first phase of its planned 6,000 job cuts with the central credit risk department one of the first on the chopping block.

While the bank has denied the job cuts are linked to the Royal Commission, more than 20 bankers were fired from the credit risk department which has been central to the Commissions focus on the bank.

NAB maintains that the roles in the credit department, and more broadly, are being automated as part of CEO Andrew Thorburn’s strategy to “reshape the workforce to become simpler and faster for [NAB] customers.”

NAB said it had previously announced it would be “adopting a new operating model for its risk function”, which included “realigning NAB’s credit risk teams into a single function”.

2,000 technology specialists will replace the 6,000 middle managers set to leave the bank.

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