NAB closes Asia offices, cuts 400 jobs

In an effort to stem declining profits, National Australia Bank (NAB) is rationalizing its institutional banking activities in Asia by creating a regional hub in Hong Kong. That means closing offices in Singapore, Korea, Malaysia and Tokyo, with the expected loss of 400 jobs in the region. The announcement was made in Melbourne on Wednesday as the bank reported a first-half net profit of A$2.54 billion ($1.97 billion). New CEO, John Stewart, laid out a series of strategies to re…