National Australia Bank Limited (ASX:NAB)has announced a number of senior management job cuts as part of its cost-saving plans, according to media reports.
The move, which will impact up to eight senior bankers and wealth management staff, will reduce the number of senior management from about 60 to almost 50.
NAB last month announced an $800 million cost reduction program, as banks across the sector look to trim their budgets.
A NAB spokesman told media the changes made to the senior management team are designed to better align the business to the changing external landscape and allow it to focus on simplification and digitization.
NAB’s net profit fell by 22 per cent to $4.08 billion in its 2012 financial year.
NAB Price at posting:
$31.45 Sentiment: None Disclosure: Held
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