NAB defers restructure charge to second half

National Australia Bank will take a $266 million charge to cover the axing of 1,700 staff, or about 16 per cent of its workforce in Britain. NAB said its cost-cutting program for its British banks would result in annualised savings of $285 million a year. NAB will post more restructuring charges in the second half of the financial year relating to NAB’s Australian retail banking, corporate banking and wealth-management businesses. NAB will provide an estimate of the size of the restructuring charge relating to its Australian at the bank's interim profit announcement on May 11.