National Australia Bank is to shed 6000 jobs and retire up to 20% of its existing IT applications and 50% of its product line under a three-year programme created to simplify the bank and reshape the workforce for the digital age.
"This will result in a net reduction in staff now targeted at approximately 4000 by the end of FY20, which is expected to give rise to a 1H18 restructuring provision of $500 million to $800 million".
NAB's cash profit, without one-off items, rose 2.5% to a record $6.6 billion, in line with expectations.
He states that NAB is seeking cost savings of greater than $1 billion by the end of FY 2020.
In doing so, Thorburn announced a NAB initiative called "The Bridge" to assist those made redundant in finding future employment.
'We've come from a position of strength and now we look out three-to-five years and we want to lay out that plan, ' he said. The Bridge will actually help people out of our company across a bridge into new employment.
Mr Thorburn said the people who are going will be provided with the skills and confidence to properly navigate their future.
Thorburn highlighted the bank will happily retrain those who have the aptitude and commitment to do so, though he said that numerous job cuts will be in more "traditional" areas of the bank.
Thorburn flagged the closure of some bank branches, but the opening of new branches in the growth corridors in western Sydney and Melbourne.
NAB's net profit of $5.3 billion saw a large rebound from 2016's $352 million, which was affected by the sale of its ill-fated United Kingdom banking business in January 2016.
The rebound was largely expected as last year's $352 million profit was dragged down by the loss-making sales of the bank's United Kingdom and life insurance businesses.
The bank now has 33,600 employees.
He replaces Angela Mentis in a job swap, as she takes over Healy's old BNZ role, Managing Director and CEO of Bank of New Zealand.