National Australia Bank (NAB) is set to eliminate around 170 roles as part of a business division restructure, Reuters reported citing the Finance Sector Union (FSU).
The proposal involves 447 role redundancies and the creation of 277 new positions within Australia, resulting in a net job loss.
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Alongside local changes, NAB reportedly plans to add 237 new roles offshore, mainly in India and Vietnam.
These overseas positions are intended to support Australian teams.
NAB stated that the restructuring aligns with its approach to building what it calls a “modern workforce.”
The bank indicated it would keep recruiting and developing employees in Australia, particularly for customer service roles, but did not specify how many jobs would be cut.
FSU national president Wendy Streets said the proposed changes would transfer skilled jobs to lower-cost markets overseas. She also noted improvements to internal redeployment options for some affected workers.
NAB’s most recent annual report shows it has more than 38,000 employees worldwide, of which 29,000 are based in Australia.
This move comes as other major banks also cut staff.
In September, ANZ announced plans to eliminate about 3,500 positions and 1,000 contractor roles.
Commonwealth Bank revealed in July that it would cut 45 jobs as part of a shift towards increased use of artificial intelligence.
Earlier this year, the FSU criticised ANZ’s reductions at Suncorp Bank following its acquisition.
The union said that 197 positions at Suncorp Bank would be impacted, including 66 redundancies, mostly in Brisbane.
ANZ completed its purchase of Suncorp Bank in 2024.
