National Australia Bank Profit Falls Most in a Decade

The transcript discusses the current challenges faced by banks, including a significant drop in profitability and the pressure to restructure. Despite these challenges, the outcomes were expected, and some banks like ANZ reported average results. However, there are bright spots, such as National Australia Bank's focus on small and medium businesses, which has led to revenue growth. Cost management remains a concern, but there are plans to address it.

What strategies are banks considering to cope with the pressures they are facing?

What are the expectations regarding cost reductions in the near term for the banks?