Good evening,

A restructure of National Australia Bank’s markets division has set off a tussle for the top job with three executives throwing their hat in the ring.

This includes the current head of business markets, tasked with leading the development and execution of the bank’s foreign exchange strategy. Also in the running are two state heads of business markets.

NAB, which has committed to hitting 40 per cent to 60 per cent gender representation at every level of its business by 2025, was contacted for comment.

Whoever nabs the title will have quite a task on their hands to rework NAB’s markets culture, which has been the subject of a high-profile pay gap lawsuit and several rounds of redundancies.

Street Talk understands the reshuffle, which threw 23 roles into question, has left a bad taste in mouths, particularly those who weren’t shown the door and are forced to fight for their positions. As Street Talk reported, the changes have also impacted the bank’s corporate finance team where 11 roles will go in the restructure. Sources said a Finance Sector Union meeting has been called for Monday.

Read the full story tomorrow and more on the Street Talk page.

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Street Talk can reveal Ares, led locally by former Credit Suisse country head John Knox, is digging deep to finance a private equity strategy focused on Australia and New Zealand.

The firm announced last week it would buy smaller rival GLP Capital Partners’ international business, excluding China operations, in a deal valued at $3.7 billion.

The Australian sharemarket edged lower on Friday as traders awaited further signs of direction in the global economy after evidence of weakness once again reared its head in the US.

Click here for the latest equity market wrap.