National Australia Bank (NAB) has confirmed redundancies in a number of roles within its wealth management division following a strategy to digitalise the business.
The bank refused to confirm the number of redundancies made effective to date or say which areas had shed staff.
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But according to publication Australian Financial Review (AFR), the bank has laid off about 50 staff from its wealth management arm in the past few weeks.
In March, NAB announced a strategy update to the market detailing changes to its senior management team and the structure of the organisation.
A NAB spokesperson said that changes in the wealth management team were designed to better align the business to the changing external landscape, allowing it to focus on simplification and digitise and better servicing our customers.
"As a result, there has been some reduction in roles within the NAB Wealth division," the spokesperson said.
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