Explore the latest developments concerning NAB to slash.
NAB to slash up to 2,500 jobs in massive restructure
National Australia Bank (NAB) plans to make about 6 per cent of its staff redundant by the end of this financial year. (ABC News: Stephen Cavenagh)
NAB has announced plans to cut up to 2,500 jobs, or about 6 per cent of its workforce, this financial year.
NAB chief executive Andrew Irvine said there would be no material impact to customer-facing banking roles.
Up to 1,500 roles will be cut by the end of the year, NAB said. It will book $300 million in restructuring costs.
National Australia Bank says it will cut up to 2,500 jobs, or about 6 per cent of its workforce, by mid-2027.
ASX200 LIVE: ASX to fall; Wall Street lifts on tech rebound
Australian shares opened lower on Tuesday, failing to catch Wall Street’s overnight rebound in chipmakers following last week’s sell-off.
The S&P/ASX 200 Index lost 58.5 points, or 0.66 per cent, to 8787.2 as at 10.05am (AEDT), with all but one of the 11 sectors opening in the red. Technology stocks was the only sector in the green, led higher on improved sentiment around artificial intelligence investment.
Overnight, chip giants climbed 2.8 per cent, pulling the Nasdaq up 1.6 per cent. CoreWeave, which was sold heavily last week, rose 1.6 per cent on a “buy” recommendation from Goldman Sachs. Meta’s earnings report this week will provide the latest gauge of market sentiment on the artificial intelligence trade.
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