National Australia Bank restructures to save $825 mln/yr
SYDNEY, March 13
SYDNEY, March 13 (Reuters) - National Australia Bank , the country's largest bank by assets, said on Wednesday it was restructuring its management team, technology and operating model in an effort to save it up to A$800 million ($825 million) a year.
NAB said the changes were needed to take account of the changing needs of customers, particularly around technology, and to capitalise on customers' links to Asia.
The initiatives would save about A$800 million a year by the end of the fifth year, partly offset by higher software charges, reinvestment and implementation costs, NAB said.
Job losses were not mentioned in the statement, though the bank announced a number of senior executive changes including the retirement of Mark Joiner as executive director of finance.
NAB and its rival "Big Four" Australian banks have been generating record profits, based largely on their lucrative domestic lending franchises. NAB has been hamstrung by the poor performance of its UK operations.