Economy

Australia shares end lower after NAB earnings; New Zealand up

Australia shares end lower after NAB earnings; New Zealand up

The 6,000 workers represent 18% of the bank's 33,400 workforce and many of them will have to partake in various training options to find a new job.

The bank this morning posted a statutory net profit of $5.3 billion for FY17, with cash earnings up 2.5 per cent to $6.6 billion.

Since taking over as chief executive in late 2014, Andrew Thorburn has spun off and listed CYBG PLC (CYBG.LN), a company housing Clydesdale and Yorkshire Bank in the United Kingdom, sold an 80% stake in its insurance arm and also listed regional US lender Great Western Bancorp Inc.

"I obviously feel for the people who will be affected by that over the next few years", he told ABC TV.

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Mr. Thorburn said the bank planned to increase investment by A$1.5 billion by the end of the 2020 fiscal year to grow the bank and reshape its workforce, and was targeting cost savings over that period of more than A$1 billion.

Cash profit, the financial industry's preferred measure which strips out volatile items, was up 2.5 percent at AU$6.64 billion, in line with expectations.

Thorburn said "throughout this process we will treat our people with care and respect and equip them for the future".

"Detail is light on how the bank has determined that 6,000 jobs are to be cut, and where and when", Angrisano said in a statement.

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NAB's net profit of $5.3 billion saw a large rebound from 2016's $352 million, which was affected by the sale of its ill-fated United Kingdom banking business in January 2016.

More existing bank closures were foreshadowed as well, although Mr Thorburn said new branches would be added in the growth corridors in western Sydney and Melbourne.

The rebound was largely expected as last year's $352 million profit was dragged down by the loss-making sales of the bank's United Kingdom and life insurance businesses.

Changes to NAB's executive lineup were also announced, with current managing director and chief executive of Bank of New Zealand Anthony Healy appointed to chief customer officer - business and private banking.

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"We have a clear plan to deliver for our customers".