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Article: Uproar as NAB job cuts hit 4200.(National Australia Bank)(Brief Article)
- Article from:
- Australasian Business Intelligence
- Article date:
- May 11, 2005
- Author:
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May 11, 2005 (The Sydney Morning Herald - ABIX via COMTEX)
The National Australia Bank (NAB) says its efforts to turn itself around will result in 4,200 job losses, many of them in Australia. The Australian Treasurer, Peter Costello, has criticised the bank's decision to cut 10.5 per cent of its workforce, and the Finance Sector Union has threatened industrial action. NAB's underlying earnings fell 12.5 per cent to $A1.6 billion in the first half of 2004-05. NAB CEO John Stewart said it will take up to a year to lift its performance to a level comparable to its rivals.
Publication Date: 12 May 2005
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