NAB Slashes 410 Tech Jobs While Expanding Asian Operations in Major Banking Sector Restructure

Major Job Cuts Hit NAB’s Technology Division

National Australia Bank (NAB) has announced the elimination of 410 positions within its technology and enterprise operations division, while simultaneously planning to establish 127 new roles in India and Vietnam.

Restructuring and Global Expansion

According to NAB, while some roles are being eliminated or relocated, new positions will be created across various locations. The bank explained that these changes are necessary due to the constantly evolving business environment, emphasising the need for appropriate structures and capabilities to enhance customer service.

The bank’s spokesperson highlighted that maintaining a global workforce would benefit customers through extended operating hours, faster processing times, and improved service turnaround.

Industry-Wide Transformation

This development comes amid broader changes in Australia’s banking sector, occurring just one day after ANZ announced 3,500 job cuts as part of its restructuring plan. The Commonwealth Bank of Australia has also experienced workforce changes this year, particularly related to AI adoption, though it subsequently reversed some of these decisions.

Union Response and Employee Support

The Finance Sector Union has expressed concern that these deep cuts will impact both staff and customer services. Affected employees have been informed and are being offered support, including career transition services and redeployment options.

Union leaders have characterised the successive job cuts by major banks as “shameful,” suggesting this reflects a sector-wide trend rather than isolated incidents, potentially affecting both workers and communities.