NAB Bear Sees Job Cuts Supporting Better Costs Story -- Market Talk

0344 GMT - National Australia Bank's bear at Morgan Stanley sees the lender's job cuts as supportive of a better-than-expected costs narrative at its November's annual result announcement. Analyst Richard E. Wiles estimates NAB could generate A$400 million-A$500 million in gross cost savings from the operating-model changes announced this week. While some of the savings from up to 2,500 redundancies will be used to increase investment, Wiles tells clients in a note that he expects fiscal 2027 guidance for costs growth of less than 3%. MS has a last-published underweight recommendation on the stock and a target price of 34.00 Australian dollars. Shares are up 1.1% at A$39.62. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 20, 2026 23:44 ET (03:44 GMT)