Australia’s banking sector is reeling after National Australia Bank (NAB) revealed it will slash 410 jobs in its technology and enterprise division, just one day after ANZ announced it would axe 3,500 roles.
The NAB restructure will affect 728 employees in total, with 410 permanent job cuts in Australia. At the same time, the bank intends to offshore some positions, creating 127 new roles in India and Vietnam.
Wendy Streets, national president of the Financial Sector Union, condemned the move as a “betrayal” of hundreds of families. “Billions in profits, yet jobs thrown in the bin. Banks are showing open contempt for their own people,” she said, warning that such cuts hollow out customer services and weaken communities that rely on NAB.
NAB CEO Nuno Matos acknowledged the “difficult news” for staff, pledging the bank would handle the changes “as quickly and safely as possible, with care and respect for our teams affected.”
The bank also confirmed it would scale back its reliance on consultants and managed services, impacting around 1,000 contractors.
Ms Streets described the sector-wide cuts as “shameful.” “Two banks in two days slashing jobs. This is not one rogue bank, it’s the entire industry driving the same agenda at the expense of workers and communities,” she said.
The decision has sparked criticism, given Australia’s “big four” banks continue to post significant profits, heightening scrutiny on their social responsibilities amid a cost-of-living crisis.
