NAB's job cuts come just a day after ANZ announced a major restructure
The National Australia Bank (NAB) is cutting 410 jobs in its technology and enterprise division, a move that comes just one day after another big bank, ANZ announced 3,500 employees would leave in a major restructure.
According to the Finance Sector Union (FSU), the bank is also seeking to establish 127 new roles in India and Vietnam.
In a statement, NAB said while some roles were no longer required or may move location, new roles would be created across all locations.
"Like many businesses, we regularly look at the way we work and how we're structured to deliver the best experience we can for our customers," a spokesperson said in a statement..
"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.
“These decisions are always difficult and we understand the impact they can have on our colleagues."
Staff were being provided with support, redeployment options and career transition, the bank said.
On the issue of offshore roles, the bank said having a global workforce "helped generate better outcomes for customers ... leveraging global time zones to extend our hours of operation, speeding up processes and improving turnaround times for our customers".
FSU National President Wendy Streets in a statement: "Cuts this deep don't just hurt staff, they hollow out services for customers and communities who rely on NAB."
"Two banks in two days slashing jobs, it's shameful," Streets said. "This isn't one rogue bank, it's the whole sector driving the same agenda at the expense of workers and communities."
Job cuts in Australian banks
NAB's job cuts come just a day after ANZ Bank announced that it would cut approximately 3,500 employees and reduce the use of consultants in a major restructure.
The Commonwealth Bank of Australia (CBA) also made changes to its workforce this year as part of its AI adoption, but has since reversed the move.
The CBA was also previously accused by the FSU of offshoring more than a hundred roles to India, but the bank refuted the allegations.
