Thorburn focuses on Yorkshire Bank restructure

YORKSHIRE Bank chief executive David Thorburn has said that stepping down from National Australia Bank’s group executive committee will allow him to concentrate on its UK banks’ restructuring programme.

Mr Thorburn will continue to report to NAB chief executive Cameron Clyne as group chief executive of Yorkshire and Clydesdale banks and as chairman of the National Australia Group Europe board.

Mr Thorburn said: “We are moving forward with our strategy to become a stronger and more competitive business following our strategic review announcement at the end of April.

“My priority has always been the UK business and stepping down from the group executive committee will enable me to dedicate all of my time to this important restructure programme.

“The steps we are taking are difficult, particularly for our employees, but it is clear we have the right plan and I am confident that what we are doing is in the best long term interests of the organisation and our customers.”

The strategic review, launched earlier this year, will see around 1,400 jobs cut and a focus on banking operations in the north of England.

The announcement about Mr Thorburn was made as NAB said in a trading update that cash profits in the months to June 30 were A$1.4bn, less than had been predicted by some analysts.