Job losses in huge losses, says National Australia Bank Ltd

The bank said 75 full-time personal banking positions would be lost in branches in NSW, and 38 in other states, while 60 new positions would be created, leading to net loss of 53 jobs at the bank branches. The bank said 40 of the new personal banking positions would be in NSW and 20 in Victoria.

National Australia Bank is one of the largest financial institutions and banks in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation, it held total assets of A$657 billion as at 30 September 2008 and its operating income in 2008 was A$15.4 billion. It operates across 10 countries serving 8.3 million consumer and business banking customers and over 2.3 million wealth management customers.