National Australia Bank Ltd. is moving ahead with its cost-cutting plans by readying its next tranche of job cuts and reviewing its wealth operations and related divisions, The Australian Financial Review's Street Talk blog reported Feb. 15.
The bank is prepping the next round of job cuts in the week of Feb. 19 as part of a plan to slash 4,000 jobs by 2020.
National Australia Bank executives are also studying options for the bank's wealth operations and related divisions, including private wealth and stockbroking group JBWere. The bank is said to be weighing a full or partial management buyout for JBWere, sources told AFR.
JBWere is said to be profitable and its funds are on a separate platform to the bank, which could make a buyout easier.