National Australia Bank plans to shed up to 6000 jobs over the next three years, as the bank transitions into the digital era.
National Australia Bank (NAB) posted a 2.5 percent rise in its full year profit to A$6.64 billion and unveiled a three year A$1.5 billion investment plan to focus on automation and technology.
In a statement to the Australian Stock Exchange NAB outlined plans to significantly simplify and automate processes and reduce procurement and third party costs. The bank is also planning to greatly reduce the number of products it sells, and the number of IT applications it uses.
New Leadership Roles
CEO Andrew Thorburn tried to soften the news of the job reductions issuing a statement on a newly established career transition program, called «The Bridge», to help employees who are leaving the bank.
Thorburn also announced changes to NAB's senior leadership team. Anthony Healy, currently managing director and CEO of Bank of New Zealand, has been appointed chief customer officer, Business and Private Banking, while Angela Mentis, currently chief customer officer, Business and Private Banking, has been appointed managing director and CEO of Bank of New Zealand.
