NAB has become the second of Australia’s Big Four banks to announce job cuts this week, with 410 roles on the chopping block.
The news comes after ANZ announced plans to lay off 3,500 staff over the next 12 months as part of a major restructure under its new CEO.
NAB on Wednesday said the cuts would impact 728 workers, which included 410 permanent cuts to Australia-based employees.
The bank plans to move these roles offshore as it expands into Asia, with 127 roles to be made available in India and Vietnam.
Financial Sector Union national president Wendy Streets told the Daily Telegraph the move was a ‘betrayal’ of Australian families.
‘Cuts this deep don’t just hurt staff they hollow out services for customers and communities who rely on NAB,’ she said.
It comes after ANZ said it would slash 3,500 jobs and 1,000 contractors in a bid to simplify processes at the Big Four bank.
‘We are operating in a rapidly evolving and highly competitive banking environment,’ new chief executive Nuno Matos said.
NAB has become the second of Australia’s Big Four banks to announce job cuts this week, with 410 roles on the chopping block (stock image)
The news comes after ANZ announced plans to lay off 3,500 staff over the next 12 months
‘Our changes also include ending or reviewing our engagements with consultants and other third parties, impacting around 1,000 managed services contractors.
‘While reorganising our teams will change the way we structure the bank and deliver our priorities, what won’t change is the dedication of our customer facing bankers who support our customers day in, day out.’
The restructure of its 42,000-strong workforce comes amid sweeping changes under the new CEO, with internal staff referring to the overhaul as ‘Nuno-geddon.’
In the latest job cuts, which represent eight per cent of its workforce, ANZ expects the employees to finish with the company by September 2026.
‘We know this will be difficult news for some of our staff,’ Mr Matos said.
‘While some of these changes have already commenced, we are committed to working through the impacts as quickly and safely as we can, with both care and respect for our teams affected.’
ANZ said the restructure would cost $560million before tax.
