m3n4.net September 21, 2018

NAB to cut 6000 jobs in $1.5b restructure

03 November 2017, 12:23 | Vera Richards

NAB has recorded a full-year record cash profit of $6.6 billion in 2017

NAB has recorded a full-year record cash profit of $6.6 billion in 2017

The positions are to go as the bank further automates and simplifies its business to reshape for a digital future, while about 2,000 new jobs are to be created, it said.

National Australia Bank has announced it will slash 6,000 jobs over the next three years.

NAB chief executive Andrew Thorburn said the 2000 new roles will involve different capabilities to support the strategy such as data scientists, artificial intelligence, robotics and automation.

"I obviously feel for the people who will be affected by that over the next few years", he told ABC TV.

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Cash profit - the bank's preferred measure that strips out one off gains and losses - was up a more modest 2.5 per cent to a record $6.6 billion.

Thorburn highlighted the bank will happily retrain those who have the aptitude and commitment to do so, though he said that numerous job cuts will be in more "traditional" areas of the bank. "And I think it's important we face into that and we have a clear plan and we talk with our people about it".

According to Thorburn, NAB's "real sweet spot" is SMEs, "customers of say $50 million $75 million turnover" and "that's really where we're going to be focusing".

Last week, Australia & New Zealand Banking Group Ltd. (ANZ.AU) CEO Shayne Elliott cautioned the environment for revenue growth is expected to remain constrained in 2018 by intense competition and the effect of regulation, including the Australian bank tax.

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At the close of the market in Sydney, NAB shares were down 2.8% at A$31.95. It settled a case with Australia's corporate regulator last week over possible fixing of the country's benchmark interest rate.

The $5.3 billion net profit announced by the NAB increased by more than 1,400 percent on 2016, while redundancies are expected to cost the bank up to $800 million.

Annual dividends declared was $5.3 billion, with a total dividend for FY2017 at 19.8 cents per share and a final dividend of 99 cents per share fully franked.

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