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Australia shares end lower after NAB earnings; New Zealand up

03 November, 2017, 00:27 | Author: Paula Vaughn
  • Reuters

The job losses over three years were announced as the bank revealed a full year net profit of $5.3 billion.

The NAB chief says the job cuts are part of the bank's plan to achieve $1 billion in annual savings through automation of processes previously performed manually.

"As transactions move to digital channels - and this is driven by our customers - we will need fewer people", Mr Thorburn told a media briefing.

Australia's largest business lender said it expected to cut about 6,000 staff over the next three years as it automates its business, while creating 2,000 positions over the same period.

NAB expects to make a one-off impairment as a result of the restructure of between $500 million and $800 million in the first half of the 2018 financial year.

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

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.

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He said that efforts to destroy unity and integrity of the country will not be tolerated and will be given a befitting reply. Several Run for Unity events were organised across India to mark the occasion.

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

Thorburn said the FY17 result "represents another year of consistent delivery".

NAB's positive outlook contrasts with that of rival Australia and New Zealand Banking Group Ltd, which has said finding revenue growth was getting harder.

Australian shares closed marginally lower on Thursday as a rally in the materials sector due to a rise in metals prices was offset by losses in financial stocks after National Australia Bank (NAB) flagged restructuring charges.

Interest rate levels have become a hot-button political and customer issue in Australia this year, with the corporate regulator pledging to investigate whether banks are using a push to curb a potential housing bubble as an excuse to profiteer through unnecessary mortgage rate rises.

Statutory profit rose from 2016's impairment-heavy $352 million to $5.285 billion, with the overall result in line with analyst expectations.

NAB held its final dividend flat at 99 cents, fully franked, taking it to a full-year payout of $1.98.



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