NAB concludes restructure
National Australia Bank (NAB) has completed the restructure of its Australian institutional markets, financial services and MLC business units, as the bank looks to reverse the damage done to its much maligned brand this year.
According to the bank, today’s announcement is the final change to the organisation in preparation for what will now become the arduous task of raising accountability levels, breaking down internal silos and sharpening customer focus.
“Our first objective is to rebuild our reputation with our customers,” NAB chief executive Ahmed Fahour said.
As part of the new focus NAB’s three key business units, mentioned above, will operate under three core categories - customer, products and support - as the business looks to adopt a regional structure for its operations.
Five additional executive changes have been announced. These include Michelle Tredenick, currently head of MLC Corporate Solutions, becoming chief information officer of the Australian business and George Frazis taking on the head role in the bank’s business and private banking operations.
“The new structure will improve our customer focus, provide clear accountability for sales and service, and streamline our business to eliminate internal silos and provide a more competitive structure,” Ahmed said.
The latest announcement follows the news earlier in the week of changes to NAB’s executive line-up as the bank moves to a more regional rather than global focus.
The move included news that MLC chief executive Peter Scott would depart early next year and be replaced, in part, by MLC chief executive retail investments Steve Tucker as head of MLC Australia.
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