Aussie lender NAB to cut 10% jobs in markets division

📆 8/27/2023 10:57 PM
📰 YahooFinanceCA

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The move, if confirmed, would come after reports of larger peers Commonwealth Bank of Australia and Westpac Banking Corp axing of several hundred jobs to reduce higher costs amid high interest rates and inflation. Layoffs at NAB would include capital markets types working within its corporate and institutional banking unit, where its markets business sits with a team of about 600. NAB did not immediately respond to a Reuters request seeking comments outside normal business hours.

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Canada's second-quarter GDP report, due on Friday, is likely to show a sharp slowdown in economic growth, a Reuters poll of economists showed, which could lead the Bank of Canada to pause its interest rate hikes despite recent hotter inflation data. The GDP report will be the last major piece of domestic data before the Canadian central bank makes its next policy decision on Sept. 6. It is expected to show the economy growing at a 1.1% pace in the second quarter, down from 3.

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