NAB set to slash 6000 jobs
MELBOURNE headquartered National Australia Bank will slash 6000 jobs over the next three years as automation takes a hold on finance jobs.
NAB chief Andrew Thorburn said cuts would come from across the bank as it faced up to the cost of being a bank in an online world.
"What we are not doing is saying the 6000 will come from here or here or here, it is over three years," he said.
"As customers drive into digital channels we will need less people in certain areas."
It is understood most cuts will come from headquarters in the major cities and from middle management.
As it tries to save $1 billion over three years the NAB will cut by 50 per cent the number of products it has in the market.
Mr Thorburn said 2000 new jobs would be created in digital areas.
He said branches remained important and would see more investment "but I think its going to change" as they were focused in growth corridors such as the west of Melbourne and Sydney.
"The branches where they are will have to move as the whole economy and population are movement is significant," he said.
The revelations come as the bank increases cash profit was up 2.5 per cent to $6.6b.
It will pay $5.3b in dividends to shareholders.