NAB has announced an increased cash profit of $6.6 billion for the 12 months to 30 September 2017, along with plans to cut 6,000 jobs by 2020.
The rise of the 'digital-first' customer has been used to justify the loss of 6,000 full-time NAB roles in the bank's full-year result.
The creation of 2,000 new digital-focused jobs will see a net reduction of 4,000 staff at the bank by 2020.
The announcement comes as the bank posted a cash profit of $6.6 billion for the 2017 full year, a small increase compared with 2016's $6.5 billion.
NAB's net profit of $5.3 billion saw a large rebound from 2016's $352 million, which was affected by the sale of its ill-fated UK banking business in January 2016.
NAB will also invest an additional $1.5 billion to "improve the experience for our customers, reshape our workforce and grow our bank", chief executive Andrew Thorburn said.
"Cost savings of greater than $1 billion are targeted by the end of FY20 as we further simplify our business," Mr Thorburn said.
"We have a clear plan to deliver for our customers. We move forward with confidence and a purpose to 'back the bold who move Australia forward'," he said.
An Australian investment manager has tipped that as pandemic volatility is expected to force a 30 per cent reduction in dividends, active ma...
Morningstar analysts have forecast a “troubling” outlook for the banks ahead, expecting the rise of unemployment and business closures w...
One of the world’s largest investment banks has warned that emerging market economies have the most to lose in the outbreak. ...