FINWIRES · TerminalLIVE
FINWIRES

Update: Market Chatter: National Australia Bank Lays off Senior Bankers From Corporate, Investment Banking Segment Amid Restructure, AFR Says

By

(Updates with a statement from National Australia Bank in the fourth paragraph.)

National Australia Bank (ASX:NAB) decided to lay off senior bankers from its corporate and investment banking segment, including those with day-to-day contact with biggest clients, the Australian Financial Review reported late Tuesday, citing unnamed people briefed on the matter.

The bank changed or canned the roles of almost 68 bankers as of Monday, the report added.

According to the report, an NAB spokesperson told AFR that the layoffs are a part of previously disclosed plans of "integrating origination and sales activities."

The bank said that while some roles were cut, new roles were also created, resulting in a net reduction of eight positions in Australia across the new structure. The company will support impacted employees through redeployment opportunities, a spokesperson told.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Asia

Canadian Phosphate Confirms Nine Kilometers Strike Continuity at Canada Project

Canadian Phosphate (ASX:CP8) confirmed around 9 kilometers of strike continuity at its Wapiti Project in British Columbia, with drilling extending phosphate mineralization along the eastern limb of the Red Deer Syncline, according to a Wednesday filing with the Australian bourse.The company has completed 18 holes spanning 2,638 meters, with first assays expected in September, while exploration has shifted to the western limb, using historical drilling to guide new targets, per the filing.The company will increase funding and expand drilling beyond the previously planned 3,000 meters, supported by light detection and ranging, orthoimagery, mapping and sampling to enhance resource potential and geological confidence, the filing said.The company has deferred the Barnes bulk sample to the second quarter of 2027, opting instead to use about 30,000 tonnes of previously mined phosphate rock in Montana to meet near-term customer demand while redirecting funding to its Wapiti exploration program, the filing added.

ASX:CP8
Asia

Market Chatter: Posco Union Workers Start Two-Day Partial Strike Over Wage Dispute

Posco (KRX:005490) union workers began the first day of their two-day partial strike on Wednesday after negotiations with management over wages and other compensation failed in South Korea, Yonhap News reported the same day.Workers began a 48-hour partial strike, with 40 participating employees at the Pohang plant and 80 at the Gwangyang plant. The union is seeking a 7.1% base pay raise, a 600% performance bonus, 50 company shares per worker and a 200% holiday bonus, while management has proposed a 2% wage hike, the report said.The steelmaker expects negligible impact on production due to the lower worker participation and plans measures to prevent overall operational disruptions, it said.Posco did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

KRX:005490
Asia

HBM Partner Reports Positive Interim Results in Phase 2 Trial of Asthma Treatment

HBM Holdings' (HKG:2142) partner, Windward Bio AG, has reported positive interim results from the Phase 2 POLARIS-1 trial evaluating the company's treatment for asthma, according to a Tuesday bourse filing.The biopharmaceutical company said subjects responded well to its treatment, HBM9378/WIN378, during the trial conducted by Windward Bio, and observed no serious adverse events.HBM's partner has kicked off the Phase 3 trial and is also planning a second Phase 3 study, POLARIS-2, in the first half of next year.The company's shares were up 3% in early open-market trading in Hong Kong.

HKG:2142