Banking sector reels as another big four sheds hundreds of jobs
A second big-four bank has announced it will axe jobs – one day after a rival put thousands of roles on the chopping block.
Hundreds of NAB workers are set to be laid off, adding to job losses in the banking sector following a rival’s decision to shed thousands of roles.
NAB has cut 410 jobs from its technology and enterprise operations division, while more than 300 others are affected by changes to their employment.
Some 127 new roles will be created in India and Vietnam.
A NAB spokesperson said having a global workforce would lead to better outcomes for customers through extended operating hours, speeding up processes and improving turnaround times.
“We regularly look at the way we work and how we’re structured to deliver the best experience we can for our customers,” the spokesperson said.
“The environment we operate in is constantly changing and we need to have the right structures alongside the right skills and capabilities in the right locations to help us deliver for our customers.”
Staff were told on Tuesday and offered support including through career transition services and redeployment options.
Other new roles will created in Australia but no details have been given.
It comes after ANZ on Tuesday announced 3500 staff and 1000 contractors would be laid off by September 2026 in a major restructure.
The bank said it was part of a push to simplify operations, focus on the “priorities of customers” and cut consultant spending, with limited impact on frontline-facing roles.
Finance Sector Union national president Wendy Streets accused NAB of betraying hundreds of workers and their families.
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“Cuts this deep don’t just hurt staff, they hollow out services for customers and communities who rely on NAB,” she said.
“Two banks in two days slashing jobs, it’s shameful.
“This isn’t one rogue bank, it’s the whole sector driving the same agenda at the expense of workers and communities.”
-with AAP
