Business
NAB must do something it’s not done for 30 years – The Australian Financial Review
NAB chief Ross McEwan knows he needs to bring down expenses, but he says three decades of economic growth means banks need to relearn the art of cost-cutting.
But there were other signs of the disruption caused by the virus. Cash earnings were 8.8 per cent lower in the second half as NAB stepped up its provisioning. Cash return on equity dipped from 9.1 per cent in the six months to March to 7.7 per cent in the six months to September, while operating expenses jumped 4.9 per cent, as McEwan added or redirected 1000 staff to help with COVID-19 matters, hired another 500 frontline business bankers to chase growth and implemented an organisational restructure…
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