you have got to be joking!, page-5

NAB's positions for growth: Sack 1200 employees.

lol.

http://www.egoli.com.au/egoli_frame.asp?Frame=NewsandViews&File=24762.asp

Reports: NAB to slash 1000 extra jobs
29-November-2002
Press reports today say that National Australia Bank (NAB) will slash almost 1,000 staff from its European banking operations.

The Australian Financial Review reports that the cuts come amid “declining revenues and market pressure for results from its latest re-engineering program”, Positioning For Growth.









“The decision to take the knife to the United Kingdom and Irish businesses follows a recent review of the PFG program which identified more redundant roles in middle management and back-office areas across the group,” the AFR says.

“NAB is now planning to axe 2,955 positions from its global financial services operations under PFG, a 37% increase on the original target of 2,150 redundancies.”

The bank's European operations are expected to absorb most of the extra job cuts, while the number of positions to go in Australia has climbed to 1,852 from 1,630.

NAB also has plans to make 910 jobs redundant in the UK and Ireland, where it has four retail banking franchises.

Chief Executive Officer, Frank Cicutto, unveiled the Positioning for Growth program in April. The strategy “allows us to make the investments to capture growth opportunities whilst maintaining our earnings momentum,” Mr Cicutto said in April.

Cost savings are expected to amount to $370 million by September 2004.

At market close yesterday NAB shares were 33c higher to $33.21