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NAB to cut 6,000 jobs as profit rebounds

NAB to cut 6,000 jobs as profit rebounds

Tim Stewart
— 1 minute read

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.

 

NAB to cut 6,000 jobs as profit rebounds
NAB, Andrew Thorburn
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