The National Australia Bank (NAB) has slashed 410 jobs in its technology and enterprise operations in Australia. Instead, the bank will hire for 127 roles across India and Vietnam, as per a spokesperson.
According to the Finance Sector Union (FSU), NAB’s decision will directly impact 728 workers with the permanent slashing of 410 roles.
NAB’s announcement comes a day after its rival, Australia and New Zealand Banking Group (AKA the ANZ Group), stated that it would be cutting 3,500 jobs over the next year. Through this move, ANZ Group CEO Nuno Matos aims to cut duplication and simplify the bank’s structure.
“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,” NAB shared in a statement. The bank added that it would be creating separate technology roles in Australia.
FSU President Wendy Streets shared her discontent with the moves being made by the financial entities within Australia.
“First ANZ, now NAB. One after the other, banks are swinging the axe,” Streets said. “These cuts are destructive to the people who make the banks’ success possible.”
