Terrence MiaoTerrence Miao - 2013-03-07 00:56:58+1100 - Updated: 2013-03-07 00:56:58+1100
Originally shared by Financial ReviewNAB will cut as much as $900 million in costs over the next five years - mostly from IT - to boost profits and win back investors' support. Do you think the cuts are a good idea or a false economy? http://bit.ly/13E8aS0People walk past National Australia Bank (NAB) signs adorning a building in central Brisbane on December 5, 2011. AFP PHOTO / WILLIAM WEST

People walk past National Australia Bank (NAB) signs adorning a building in central Brisbane on December 5, 2011. AFP PHOTO / WILLIAM WEST

Shared with: James Gemmell, Terrence Miao
+1'd by: James Gemmell
James Gemmell - 2013-03-07 09:21:37+1100
Thanks for the heads up. I was expecting to hear something at tomorrow's town hall meeting but I now suspect that I'll have to wait for Cameron's announcement on the 13th.
Terrence Miao - 2013-03-07 09:38:31+1100
Get all your antenna poles up. Hope everything is going well. Talk later.
Terrence Miao - 2013-03-13 18:56:36+1100 - Updated: 2013-03-13 18:57:43+1100
Any updates from onside?

"NAB has been progressively rolling out the platform within its UBank online brand and plans to shift the rest of its customer bases onto the new platform over the next three years, starting next year with its personal customers. It hopes to decommission its legacy systems after 2016."

Very ambitious plan ...

"Clyne says that by the end of the fifth year of the program NAB will have cut $800 million a year from its cost base but in the process will invest more than $1 billion a year. The savings, he said, would be partly offset by higher software amortisation charges, reinvestment and implementation costs."

Do most money pay loyalty for Oracle?

I need to decide whether keep buying NAB shares or betting on WestPac instead.
James Gemmell - 2013-03-13 22:18:58+1100
I just sent you the prezzo that came out today. It's got the new org stucture and something on the tech strategy. I can't speak for Westpac but I know they're building a similar FX trading product to ours and boosting their auto-trading capability.
Terrence Miao - 2013-06-26 19:07:19+1000 - Updated: 2013-06-26 19:09:54+1000
One of my current Post colleagues who worked in ANZ FX before told me, FX teams in two banks NAB and ANZ knowing each other very well, they even party together.

This is weird.