NAB has confirmed it is cutting 410 jobs, joining a growing list of major Australian banks reducing staff. The redundancies primarily affect roles in the bank’s technology and enterprise operations division.
Impacted employees were informed yesterday, and some will be transitioned to new roles. “Like many businesses, we regularly review our structure to deliver the best experience for our customers,” a NAB spokesperson said. “The environment we operate in is constantly changing, and we need the right structures, skills, and capabilities in the right locations to serve our customers effectively. These decisions are always difficult, and we understand the impact on our colleagues.”
The bank said it will explore redeployment and career transition options for staff affected by the cuts, and some roles may be moved to different geographic locations. New roles have reportedly been created in India and Vietnam. “While some roles are no longer required or may move location, we are also creating new positions across locations as needed to ensure we are set up for success and can deliver better outcomes,” the spokesperson added.
NAB noted that leveraging a global workforce helps improve customer outcomes by extending hours of operation, speeding up processes, and enhancing turnaround times. NAB is headquartered in Docklands, Melbourne.
Australia’s big four banks have all implemented significant redundancies in recent months. Yesterday, ANZ announced it would cut thousands of jobs from its Melbourne offices, affecting the majority of 3,500 full-time and 1,000 contractor roles at its Docklands location. In May, Westpac planned to shed more than 1,500 positions to streamline operations, while Commonwealth Bank cut 164 jobs from its technology division in March.
