Economy

National Australia Bank Profit Rebounds, Dividend Steady

National Australia Bank Profit Rebounds, Dividend Steady

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

Treasurer Scott Morrison insists NAB's job loss and profit announcement does not bolster the case for a royal commission into banking.

"This will result in a net reduction in staff now targeted at approximately 4,000 by the end of FY20, which is expected to give rise to a 1H18 restructuring provision of $0.5-0.8 billion".

He states that NAB is seeking cost savings of greater than $1 billion by the end of FY 2020.

"The changes mean NAB is investing significantly more for each person who transitions out of the bank, to help them to be ready for the future and set up for success".

According to chief executive Andrew Thorburn, who announced the job cuts on Thursday, the banking industry is under pressure to reshape its workforce and "as transactions move to digital channels, and this is driven by our customers, we will need fewer people".

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"What we are not saying is that 6000 are going here and here and here, it will be done over three years".

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 United Kingdom banking business in January 2016. "We move forward with confidence and a objective to "back the bold" who move Australia forward".

More existing bank closures were foreshadowed as well, although Mr Thorburn said new branches would be added in the growth corridors in western Sydney and Melbourne. This is in comparison to last year's net loss of $1.7 billion which resulted from the demerger and IPO of CYBG (the new holding company for Clydesdale Bank) and the additional $801 million charge associated with that process.

The bank now has 33,600 employees. "And I think it's important we face into that and we have a clear plan and we talk with our people about it".

He replaces Angela Mentis in a job swap, as she takes over Healy's old BNZ role, Managing Director and CEO of Bank of New Zealand.


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