Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
National Australia Bank (NAB) is to cut 2,500 jobs in Australia and close 100 branches in the UK as it tries to recover from a trading scandal. NAB is looking to keep ahead of rivals, such as Commonwealth Bank of Australia and Westpac Banking, which have been putting in a better performance. The bank is still recovering from a trading scandal that broke at the start of 2004 when it emerged the company had currency dealing losses of $184 million (£98 million). It is also facing increased competition in Australia and Europe, rising UK pension costs and a bureaucratic structure.
Eurofound (2005), National Australia Bank, Internal restructuring in World, factsheet number 61582, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61582.