National Australia Bank has taken the knife across its private bank, cutting around 50 jobs as it strides to develop a new NAB Partners operating model.
Street Talks revealed that cuts included credit personnel, frontline bankers and consultants. The job culling comes after the NAB CEO Andrew Thorburn announced the company’s plan to replace the current positions from automated processing and people with tech background.
Last year he told that 6000 jobs across NAB would be slashed as the Bank plans to recruit 2000 people with robotics, data and technology related skills.
In the event of restructuring the business, the lender has designed new operating model focused on providing the NAB services to its customers through a “single leader” in each specific area. It has been heard that the National Australia bank will significantly increase its number of private advisers and bankers by 2020 as it stays committed to the private banking sector.
Analysts suggest that the reduction in headcount would continue to happen, underpinned by slow revenue growth across the Banking sector. As a result, banks are required to maintain a flat expense growth by bringing down the expenses to a considerable level.
Recently in this month, NAB has announced key executive changes at the higher level with CEO Andrew Thorburn stating that these changes would help the organization to focus better. Rachel Slade had been appointed as the Chief Customer Experience Officer. Slade would broadly be concerned with the product development, customer experience, digital expansion, and NAB ventures. In another top management reshuffling, David Gall was appointed as the Chief Customer Officer, Corporate Institutional Banking, and Mike Baird had been appointed as the Chief Customer Officer of Consumer Banking, leading the retail business of the bank. But in respect of new appointments, NAB announced that the new roles will most likely be applicable from 1 October 2018, subject to regulatory approval. On the departure front, NAB previously announced the exit of Andrew Hagger, Chief Customer Officer Consumer Banking and Wealth business.
As Banking sector has been seen touching the green line, National Australia Bank’s share price surged by 1.75% to $27.810 on 28 September 2018. The stock has seen a performance change of -12.68% over the past one year. NAB is currently trading at a PE of 14.04 x with market capitalization of $74.72 billion.
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