Bombshell for Aussie Bank Workers: NAB Axes Over 400 Jobs, Union Slams ‘Shameful’ Decision as ANZ Plans to Slash 3,500 Roles
- National Australia Bank (NAB) to cut more than 400 jobs, with roles to be shifted overseas to India and Vietnam
- Finance Sector Union (FSU) brands the move ‘shameful’ and vows to fight for workers’ rights
- ANZ announced plans to slash 3,500 jobs just a day earlier, sparking outrage among banking employees
The Australian banking sector is reeling after National Australia Bank (NAB) revealed plans to axe more than 400 jobs, with many roles to be shifted overseas to India and Vietnam. The news comes just a day after ANZ announced its plans to slash 3,500 jobs, sending shockwaves through the industry.
The Finance Sector Union (FSU) has slammed NAB’s decision, labelling it ‘shameful’ and vowing to fight for the rights of affected workers. “Two banks in two days slashing jobs, it’s shameful,” said FSU national president Wendy Streets. “This isn’t one rogue bank, it’s the whole sector driving the same agenda at the expense of workers and communities.”
NAB’s move is part of a larger effort to simplify its team structures and improve customer experiences. According to a spokesperson for the bank, “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.” However, the FSU argues that the decision will shift work performed in Australia overseas, leaving local workers uncertain about their futures.
NAB’s job cuts will impact over 700 workers, with 410 permanent roles to be axed. The bank has promised to provide support to those affected, including redeployment options and career transition services. However, the union remains sceptical, arguing that Aussie workers are being replaced by offshoring and automation.
The news is the latest in a series of blows to the Australian banking sector, which has faced intense scrutiny over its hiring and firing practices in recent months. ANZ boss Nuno Matos apologised to bank workers who were informed of job losses via automated emails in August, while the Commonwealth Bank was forced to issue an apology after reversing 45 job cuts following the introduction of an artificial intelligence voice bot.
NAB’s share price has risen by 1.6 per cent to $43.47 per share despite the news, but the bank faces a costlychallenge in the form of a $130 million hit due to staff underpayment. The bank’s operating expenses for the financial year 2025 are set to rise as a result of the issue, which has been ongoing since 2019.