You’ll need to reapply for your job, NAB tells markets team

NAB’s markets team underwent an examination of its internal culture and now members will need to reapply for their jobs, although under a shake-up they may no longer exist.

NAB corporate and institutional banking executive Cathryn Carver and her predecessor, David Gall. Picture: Nadir Kinani

National Australia Bank’s new corporate and institutional banking boss, Cath Carver, is set to shake up its markets business, announcing plans to slash 23 jobs while creating 20 new roles.

Staff in NAB’s markets team, which was subjected to a culture inquiry amid allegations of bullying, was told of the plans last week.

The NAB boss told staff they would need to reapply for their roles in a move widely seen within the bank as an effort to disempower key figures in the markets team that had already seen high-profile departures.

C&IB boss David Gall left the bank on June 30, while Drew Bradford, who previously ran markets, left in April last year.

The latest restructure of NAB’s markets team, which comes after the bank slashed several roles in October last year, is the work of Bain & Company consultants who were brought in by NAB’s former chief executive, Ross McEwan, in 2019 as part of a “strategic review”.

Sources indicated the market’s restructure would also see team leaders swapping their roles. The Australian is aware of at least one staff member in the research team who has been informed their role would be made redundant in the latest purge.

But sources said they expected further cuts to come, noting NAB’s markets team was struggling, with lingering court action still looming over the bank.

NAB’s former head of repo rates trading, Dikele Diawara, is suing the bank, alleging it allowed a toxic boys’ club culture to be fostered within the markets team. Ms Diawara alleges she was threatened by NAB’s head of trading, Tim McCachey.

NAB, which denies Ms Diawara’s allegations, subjected the markets team to a lengthy culture probe, bringing in Serendis Leadership to run the ruler over the team. However, NAB cleared its markets team after interviewing several staff and leadership.

In an email to staff at the time Mr Gall said the review had found NAB’s markets team was “friendly” and one where “people of different genders and background are respected”.

However, NAB has refused to release the report for Ms Diawara’s case, alleging it contained legally privileged information.

A NAB spokeswoman said the bank was making the “difficult” decision to slash three jobs from the markets team, amid the broader shake-up in rolls.

“We regularly look at the way we work to ensure we are delivering the best banking experience for our clients,” she said.

“The environment we operate in is constantly changing, so too are our clients’ needs and expectations, and we want to have the right capabilities, structures, products and services to help our clients grow and succeed.”

Ms Carver, who took on the running of NAB markets on July 1, told The Australian in a recent interview the bank had set its culture right and beefed up compliance and risk.

Originally published as You’ll need to reapply for your job, NAB tells markets team