NAB plans 6000 job losses in digital banking revamp

National Australia Bank lifts cash profit to $6.642 billion            
    
              
     
     
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But expenses rose 2.6% and NAB said it would reduce its head count as part of a restructure that will save more than $1bn in costs by the end of the 2020 financial year.

The National Australia Bank has recently announced that it will be shedding 6,000 jobs over the next three years and creating 2,000 new digitally-focused positions.

"This will result in a net reduction in staff now targeted at approximately 4000 by the end of FY20, which is expected to give rise to a 1H18 restructuring provision of $500 million to $800 million".

They also face a hefty new government levy to raise AU$6.2 billion over four years through a 0.06 percent charge on the borrowings of the big five banks - ANZ, Commonwealth, Macquarie, NAB and Westpac.

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"Cost savings of greater than $1 billion are targeted by the end of FY20 as we further simplify our business", he said. "We move forward with confidence and a goal to "back the bold" who move Australia forward".

"And as we simplify, we automate processes and things move to digital channels, we will need less people and as that happens we estimate that there will be 6,000 less people needed in three years' time", NAB CEO Andrew Thorburn told a media conference.

Thorburn highlighted the bank will happily retrain those who have the aptitude and commitment to do so, though he said that numerous job cuts will be in more "traditional" areas of the bank.

The bank also reported a net profit of $5.28 billion for FY17.

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The 2016 profit of $352 million profit was primarily the result of the NAB's sales, at a loss, of its United Kingdom and life insurance businesses.

Despite the digital agenda, Thorburn remains wedded to the bricks-and-mortar proposition for face-to-face communications, but says that the branch network will move to accommodate changes in the economy and population, citing the creation of ten new branches in the fast-growth urban corridors in western Sydney and Melbourne.

"Some of our people will leave the bank, and we are announcing a new program, The Bridge, to support them", he said.

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