NAB wields axe despite $6.6bn profit

Original article by Michael Roddan
The Australian – Page: 19 & 23 : 3-Nov-17

National Australia Bank has posted a 2016-17 cash profit of $A6.64bn, which is 2.5 per cent higher than previously. The earnings of its business banking division rose by 6.3 per cent to $A2.8bn in the year to September 2017, while its consumer banking and wealth division reported earnings growth of 4.3 per cent to $A1.6bn. NAB has revealed plans to slash costs by $A1bn by 2020. This will include the loss of 6,000 jobs, which equates to about 18 per cent of its workforce, although NAB also intends to recruit 2,000 people with digital and technology skills as part of its focus on automation.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CLYDESDALE BANK PLC, NIPPON LIFE INSURANCE COMPANY LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, CLSA AUSTRALIA PTY LTD

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