National Australia Bank axes 6000 jobs as annual profit jumps

NAB announces 6000 jobs to be cut amid $5.3 billion profit

NAB announces 6000 jobs to be cut amid $5.3 billion profit

"Our FY17 result represents another year of consistent delivery", NAB CEO Andrew Thorburn said.

The cost-cutting measures were budgeted to save the bank of $1bn by 2020.

The announcement comes as the bank posted a cash profit of $6.6 billion for the 2017 full year, a small increase compared with 2016's $6.5 billion.

For this restructuring, he says at the first half of 2018, its next half, it will have a figure of $500 to $800 million as a charge that it will confirm at that point.

Heavyweight Rio Tinto Ltd closed at an over six-year high, while its rival, BHP Billiton Ltd closed at a 7-week high.

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"As transactions move to digital channels - and this is driven by our customers - we will need fewer people", Mr Thorburn said.

National Australia Bank (NAB) reported a record cash profit on Thursday and announced also it was to shed 4,000 jobs in an effort to modernise as it invests in updated technology.

The bank released an upbeat outlook, underpinned by an anticipated upswing in business investment and government infrastructure spending.

At the close of the market in Sydney, NAB shares were down 2.8% at A$31.95.

"There's a justified scepticism about them meeting their targets", said Greencape Capital portfolio manager Matthew Ryland.

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"What we are not saying is that 6000 are going here and here and here, it will be done over three years".

The overhaul comes with the bank's net profit bouncing back in the year to September 30 from only A$352 million in the same period last year, when it took a hit from writedowns for loss-making assets.

Interest rate levels have become a hot-button political and customer issue in Australia this year, with the corporate regulator pledging to investigate whether banks are using a push to curb a potential housing bubble as an excuse to profiteer through unnecessary mortgage rate rises.

The bank said it would again pay a half-year dividend of A$0.99 a share, for an unchanged full-year payout of A$1.98.

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