National Australia Bank (NAB) has announced plans to eliminate more than 400 jobs within its technology and enterprise operations division.

NAB stated that the job cuts aim to streamline team structures.

A spokesperson for NAB explained, “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.”

They added that “While some roles are no longer required or may move location, we are also creating new roles across all locations as necessary, to ensure we are set up for success and can deliver better outcomes.”

The Finance Sector Union (FSU) condemned NAB’s decision, particularly in light of the bank’s intention to hire more than 120 new employees in India and Vietnam, reported Australian Banking Corporation.

The FSU indicated that the changes would affect more than 700 workers, with 410 permanent positions being cut.

Last month, NAB indicated that its operating expenses for the financial year 2025 are projected to rise by A$130m ($85.7m) due to prior underpayment of staff.

The bank stated that its “payroll review and remediation is ongoing, and the total costs remain uncertain.”

NAB had previously launched a payroll review in 2019, which incurred costs of A$250m between 2020 and 2022 due to issues identified with its payroll system.

ANZ’s chief executive, Nuno Matos, recently apologised to employees who received notifications of job losses via automated emails in August.

He acknowledged the challenges posed by the announcement of 3,500 job cuts.

Similarly, CBA issued an apology after reversing 45 job cuts linked to the introduction of an artificial intelligence voice bot, which had unexpectedly increased workloads.