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


Featured Articles

How India is bucking the global dealmaking downturn

M&A deal volume and value reach record highs in India in 2022, despite slower dealmaking globally – as scope activity and acquisitions in renewables surge

Create C-suite space for the Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 AI predictions for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

Welcome to the new breed of private members' clubs

Leadership & Strategy

Welcome to the New Age of the CISO

Leadership & Strategy

Making the UAE the world’s strongest digital fortress