Aussie Bank Cuts 1,400 UK Jobs
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James Ellis, a banking analyst at Credit Suisse, said the outcome of the review isn't highly surprising and "in our view quite sensible and pragmatic".

Ellis said the bank has created a pathway to a more sustainable U.K. exposure and possible medium-term divestment, although he noted that it's still holding large risk exposures without additional group provisions.

The bank on Monday reported an unaudited net profit for the six months to March 31 of 2.05 billion Australian dollars ($2.14 billion), which it said is 15.6% below the previous corresponding period. Cash earnings--which smooth out one-off items--rose 5.7% to A$2.82 billion, it said.

Copyright © 2012 Dow Jones Newswires


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