The National Australia Bank (NAB) is reducing 410 positions in its technology and enterprise operations across Australia. Simultaneously, it is creating 127 new roles in India and Vietnam, as confirmed by an official spokesperson and initially reported by the nation’s financial services union.
These developments follow shortly after rival ANZ Group announced plans to eliminate 3,500 jobs over the course of the upcoming year, to reduce redundancy and streamline the bank’s organisational structure under new Chief Executive Nuno Matos.
On Wednesday, NAB’s shares increased by 1.2%, closing at AUD43.29, whereas the overall S&P/ASX200 index remained stable.
In a public statement, NAB remarked, “The environment we operate in is constantly changing, and it is essential that we possess the appropriate structures, skills, and capabilities in optimal locations to serve our customers effectively.” The statement further indicated that some distinct technological roles are being established within Australia.
Wendy Streets, President of the Finance Sector Union, expressed her disappointment regarding the decision of two of Australia’s largest banking institutions to reduce their workforce within two days.
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She stated, “First ANZ, now NAB. One after the other, banks are implementing layoffs.”
“These reductions are deeply detrimental to the individuals whose efforts underpin the banks’ success.“
