National Australia Bank (NAB) has announced the redundancy of 410 jobs within its technology and enterprise operations division, the bank’s largest department. This announcement coincides with ANZ’s plan to eliminate 3,500 positions, drawing criticism from the Finance Sector Union (FSU). NAB will also move 127 jobs offshore to India and Vietnam, affecting back-office roles in technology and operational departments, while restructuring 728 roles internally. National Australia Bank provides a range of banking and financial services to individuals and businesses across Australia and internationally. The company focuses on building lasting customer relationships and supporting economic growth.
The FSU has strongly condemned NAB’s decision. FSU president Wendy Streets criticised both NAB and ANZ, accusing them of betraying their staff and their families. According to Streets, these actions highlight a sector-wide trend that prioritises profits over the well-being of workers and communities. The union views the job cuts as detrimental to the employees who contribute to the banks’ success.
Streets added, “First ANZ, now NAB. One after the other, banks are swinging the axe. These cuts are destructive to the people who make the banks’ success possible.” The union vowed to fight for its members affected by the redundancies. The reduction in NAB’s workforce reflects ongoing efforts to streamline operations and improve efficiency within the banking sector. The bank has not yet released further details regarding the specific roles affected or the timeline for the job cuts.
