Major shakeups announced at NAB

By Enterprise Monkey

National Australia Bank (NAB) has unveiled a radical restructure in attempt to reverse its declining market share — leading to the departure of three senior executives.  

In the past few months, the bank has sold 80 percent of its life insurance business and offloaded its troubled British asset, Clydesdale Bank.

Now, the bank’s CEO, Andrew Thorburn is seeking to boost growth in Australia, where it has consistently underperformed its three major rivals in recent years.  NAB shares have lost nearly 11 percent so far in 2016.

“The time was right to refresh the executive leadership team after two years during which the team had worked to address major legacy issues and re-focus the bank on the core Australian and New Zealand businesses,” Chief Executive Officer Andrew Thorburn said in a statement.

“We have made a lot of progress in our core business, but another step change is now needed.”

The bank will now create three customer-facing divisions: one for large corporate enterprises, one for SMEs and one for retail banking. Its New Zealand unit remained largely unchanged.

Follow @BizReviewAU

Read the July 2016 issue of Business Review Australia and Asia magazine

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology