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NAB denies reports of planned job cuts

Business Spectator  31 January 2013

National Australia Bank (NAB) chief executive Cameron Clyne has refuted reports that the bank is planning to cut jobs as part of an effort to reduce spending and bolster profits, according to The Australian Financial Review.

Mr Clyne has faced intensifying pressure to improve the bank's outlook, including calls to jettison NAB's under-performing UK branches.

But Mr Clyne has reportedly told union officials that wide-scale job cuts are not on the bank's reform agenda.

NAB is scheduled to deliver an update to the market in March that will focus on productivity initiatives.

The bank is not the only financial sector member rumoured to be considering job cuts. Last week QBE was reported to be planning to cut at least 700 jobs, while Westpac Banking Corp and ANZ Banking Group each announced widespread job cuts last year.

Despite denying plans to cut jobs, Mr Clyne stopped short of guaranteeing to maintain current staffing levels, leaving him room to reduce payroll by, for instance, not replacing departmental staff, the AFR reported.

Last modified onTuesday, 28 May 2013 04:46

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