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National Australia Bank to Cut 4,000 Jobs in Automation Push

  • Lender to increase investment in business banking division
  • CEO Thorburn sees ‘significant’ reshaping of workforce
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National Australia Bank Ltd. announced plans to eliminate 4,000 jobs, or about 12 percent of its workforce, joining the ranks of global lenders cutting costs and shedding staff in the face of advancing technology. 

“As we simplify, we automate processes and things move to digital channels, we will need less people,” National Australia Chief Executive Officer Andrew Thorburn told reporters in Sydney on Thursday. “The reshaping of the workforce is going to be significant.”