National Australia Bank (NAB) is looking to axe about 10% of jobs at its markets division as early as this week, reported Australian Financial Review’s Street Talk citing sources.

The financial services company, which currently employs 600 people at its markets division, is due to officially announce the internal changes.

The bank is planning to undertake a broad restructuring exercise across its seven businesses.

Recently, reports emerged that larger peers Commonwealth Bank of Australia and Westpac Banking are axing hundred jobs due to higher costs because of high interest rates and inflation.

A NAB spokesperson was cited by the newspaper as saying that the bank frequently looks “at the ways we work to ensure we are serving our customers well.”

The spokesperson said that “our priority is on ensuring we provide care and support to those individuals impacted” in case the roles are impacted by the company’s decision.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In July 2023, the Guardian reported that NAB offered to increase pay for its lowest-paid employees by up to 17.5%.

The bank also allows flexible work arrangements for its employees as part of a new union-negotiated in-principle agreement that was signed with Finance Sector Union.

Employees earning over $100,000 annually would get 8.5%-12.5% pay rises over four years. However, there is no guaranteed increase for employees who earn above $167,000, reported AFR earlier.

Last year, NAB acquired Citigroup’s Australian consumer business (Citigroup Consumer Business), including its home lending portfolio, unsecured lending business, retail deposits business, and private wealth management business.