.
National Australia Bank (ASX:NAB) is set to unveil sweeping changes to its business model in an effort to carve out $900 million dollars in savings, over the next five years.
Chief executive Cameron Clyne is under pressure to deliver some good news to investors, on the back of last year’s profit slide.
NAB is expected to streamline the structure of its wealth management arm, MLC.
Possible reductions in the banks 3000 strong IT division are believed to be on the cards, and may fall under NAB’s so called ‘technology transformation project’.
Mr Clyne will announce details of the project, next week.
NAB's profit in the year to September 30, 2012, fell by 22 per cent to $4.08 billion
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Last
$43.36 |
Change
-0.060(0.14%) |
Mkt cap ! $132.8B | |||
| Open | High | Low | Value | Volume |
| $43.42 | $43.83 | $43.31 | $168.7M | 3.882M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3898 | $43.35 |
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| NAB (ASX) Chart |