NAB 0.68% $31.07 national australia bank limited

the axe has begun to fall

  1. 831 Posts.
    It is almost as if they were qwaiting for the cue. I posted a warning that NAB (and at least another Bank) was about to chop their staff numbers in a long awaited corporate restructuring and it has begun to take place.

    The NAB is about to savagely reduce its banking operations to machines in your faces and the impersonal and criminal witholding of your money with 'computer glitches' and other technical failures as a reason for fattening the float and profiting from it.

    I reiterate my earlier assertions that the NAB lost more than a Billion dollars in the 'Rogue Trader' fiasco. In fact much more undisclosed losses come from their property scandals and other forms of fraud and poor management will be glossed over and covered up with the reduction of costs generated from an ill conceived razor gang approach.

    If you are in the business of banking you must be able to generate your profis from Banking and not from deposit taking, fee collection from a protectionsit environment of the four pillars policy and staff reductions through mechanisation.

    This is the begining of the end of the four pillars. The heat is now on for competitive banking practices and the entry of foreign players to force real competition and employment.

    I am now waiting for Westpac to come clean with their internal investigations into property related fraud and to disclose the extent of the damage there.
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