NAB culls in shake-up
(25 May 2010 – Australia) National Australia Bank is making a number of staff reductions to its personal banking arm, as the bank targets a bigger slice of mortgages and deposits.
As part of the shake-up Warren Shaw, head of the bank’s retail business, will leave his current key leadership role and Matt Lawler, head of partnerships, has had his position vetoed.
Lisa Gray, head of personal banking, announced the changes to staff this week as the bank continues to build its share of deposits and mortgages.
As part of the restructure a new small business unit will be established, but many broking analysts are questioning whether the bank’s pricing strategies and fee cuts will generate enough new customers to support profit growth.
Glenn King will lead the new small business unit, leaving his position in NAB’s shared services unit.
The management re-shuffle comes as the bank makes a play for a bigger slice of the deposits and mortgage market after lagging behind its competitors in the big four.
Mr Lawler will continue to lead his unit area until he goes on a planned overseas family holiday and will decide on his next challenge when he returns, a NAB spokeswoman said in an email to BusinessDaily.
Under the new operating structure, NAB will bring together its mortgage broking, loan funding and UBank arms as one ‘portfolio of growth businesses’.
The spokeswoman said the bank would be seeking expressions of interest to lead the three businesses.
She confirmed that Mr Shaw would be replaced by New Zealand retail executive Chris Bayliss.
Lisa Gray, head of personal banking, announced the changes to staff this week as the bank continues to build its share of deposits and mortgages.
As part of the restructure a new small business unit will be established, but many broking analysts are questioning whether the bank’s pricing strategies and fee cuts will generate enough new customers to support profit growth.
Glenn King will lead the new small business unit, leaving his position in NAB’s shared services unit.
The management re-shuffle comes as the bank makes a play for a bigger slice of the deposits and mortgage market after lagging behind its competitors in the big four.
Mr Lawler will continue to lead his unit area until he goes on a planned overseas family holiday and will decide on his next challenge when he returns, a NAB spokeswoman said in an email to BusinessDaily.
Under the new operating structure, NAB will bring together its mortgage broking, loan funding and UBank arms as one ‘portfolio of growth businesses’.
The spokeswoman said the bank would be seeking expressions of interest to lead the three businesses.
She confirmed that Mr Shaw would be replaced by New Zealand retail executive Chris Bayliss.
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