By Caroline Henshaw
SYDNEY--National Australia Bank Ltd. (NAB.AU) Wednesday
announced a restructure of its business that includes cutting costs
and a raft of senior management changes.
Australia's fourth-largest bank by market value said it would
seek to cut 800 million Australian dollars (US$826 million) from
annual costs within five years by integrating technology systems
and administrative functions. In a statement, NAB said investments
in the changes may mean cost increases outpace any revenue gains
this year.
NAB's Executive Director of Finance, Mark Joiner, will retire by
the end of the year and Steve Tucker, head of the bank's Wealth
division, would leave after 25 years with the company, the lender
said.
"The changes announced today...will reduce complexity and
duplication across NAB," said Chief Executive Cameromn Clyne in the
statement.
Write to Caroline Henshaw at caroline.henshaw@wsj.com
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