National Australia Bank, one of Australia's "Big Four" banks, has laid off several of its wealth management staff in the past weeks, possibly in line with restructuring efforts that began early this year, according to local media. 

No exact numbers were specified and the bank has yet to give an official statement with this publication, but it can be recalled that NAB announced in March that it is restructuring its ranks to reduce redundancies and create integrated roles. The Australian Financial Review says about 50 wealth management staff had lost their jobs. 

At about the same time in March, MLC & NAB Wealth saw the departure of its chief executive, Steve Tucker, after 25 years with the firm. This was followed by a major reshuffling within senior ranks as part of a strategy to invest A$1 billion per year to upgrade its systems and technology.