National Australia Bank Cutting Jobs To Save Money

The National Australia Bank, which is Australia's largest bank, is cutting 4,200 jobs or 10% of its workforce over the course of the next two years. The jobs will be cut in Australia, Britain, and Asia as an effort to cut down on costs. Over the last few years, the bank has not been performing too well with overseas investments. The bank did however announce an A$2.54 billion net profit for the first quarter. This was helped by one-off items. NAB's net cash operating profit before the extraordinary items fell to A$1.62 billion for the first half to March 31 compared to A$1.85 billion the previous year. CNN latest ebusiness news