NAB signals further job cuts

National Australia Bank Ltd (NAB) has pointed to further potential job cuts as part of its ongoing effort to cut costs and protect profits, according to The Australian.

National Australia Bank Ltd (NAB) has pointed to further potential job cuts as part of its ongoing effort to cut costs and protect profits, according to The Australian.

Amid weak revenue growth, NAB and other banks have turned to cost-cutting as a primary means to protect profits.

NAB chief executive Cameron Clyne outlined in March a plan to cut about $800 million in spending over five years, and on Tuesday the bank said it was responding to the "changing external landscape", The Australian reported.

The Finance Sector Union (FSU) said it had been informed by NAB that "between now and September 30 there will be significant change", and a bank spokesperson refused to rule out the possibility of job cuts.  

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