NAB wants to cull up to 180 jobs in branch restructure

NAB plans to cut up to 180 jobs as it overhauls its branch staffing across the country after it revealed 6000 jobs would need to go by 2020.

National Australia Bank plans to cut 180 jobs as it overhauls its branches across the country.

It’s understood employees were notified of the changes on Monday.

The proposed cuts come after the bank revealed 6000 would need to go by 2020 to deliver an annual savings of $1 billion.

The bank said the most recent changes would result in up to 180 jobs being cut and fewer staff being stationed at branches.

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No branches will close as a result of the changes but there will be less customer adviser roles.

“Nobody will be leaving NAB if they don’t want to, however some may choose to leave if the time is right for them,” NAB retail executive general manager Krissie Jones told the ABC.

“Across our retail workforce of 4500 employees, we are anticipating 170 to 180 employees may choose to leave NAB as a result.

“The way our customers are banking has changed, and we need to continue to change too.”

It’s understood employees are being given the option to work different hours or move into different roles within the business.

Medibank’s Craig Drummond is a strong candidate for the next NAB CEO, according to reports. Picture: John Feder/The Australian.

In February 2018 NAB cut 1000 jobs, targeting mostly middle management roles.

In order to make its 2020 target, it would need to cut 1000 jobs every six months since announcing its plans in 2017.

NAB is currently looking for a new chief executive after the resignations of CEO Andrew Thorburn and Chairman Ken Henry in the wake of Kenneth Hayne’s scathing final report of the banking royal commission.

Mr Thorburn will receive more than $1 million when he steps down at the end of the month.

NAB confirmed last week that Mr Thorburn would receive a payment of $1,041,449, in lieu of 26 weeks’ notice, which is in line with his contract.

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He will also be eligible for any outstanding leave.

Acting CEO Phil Chronican is in the role until March 1.

Mr Thorburn had been paid $4.3 million in the year to September 2018, down from $6.4 million the year prior.

Mike Baird is also in the running for the top job according to reports. Picture: John Grainger

It’s understood that his replacement will be paid $1.8 million per year.

Commissioner Hayne wrote in his final report he was not confident Mr Thorburn or Dr Henry had learnt any lessons from the landmark inquiry into the banking sector.

NAB board director Ann Sherry has been tasked to find the new CEO.

Former NAB CEO Andrew Thorburn. Picture: Supplied

Medibank Private’s Craig Drummond and former NSW premier Mike Baird are said to be at the top of the list of candidates.

The company may seek to hire internally though. Also on the list is Bank of New Zealand’s first female executive Angela Mentis, who currently heads up NAB NZ (BNZ)

Another contender is BNZ’s former head Anthony Healy, who is running NAB’s business bank.

Mentis and Healy were NAB’s third and fourth highest paid executives in 2018, after Thorburn and the company’s technology chief Patrick Wright.

Originally published as NAB wants to cull up to 180 jobs in branch restructure