Banking Job Losses Mount as NAB Axes 410 Roles
NAB has become the latest of Australia’s big four banks to announce job cuts, confirming this morning it has axed 410 roles.
The redundancies are hitting the bank’s technology and enterprise operations division, with staff told yesterday. Some will be moved into new positions, but many are facing tough news.
A NAB spokesperson said the move was about adapting to a changing environment.
“Like many businesses, we regularly look at how we work and how we’re structured to deliver the best experience for our customers. These decisions are always difficult, and we understand the impact they can have on our colleagues.”
The bank says it will explore redeployment and career transition support for those affected, and some roles may shift to different geographic locations. Reports suggest new positions are being created in India and Vietnam.
NAB stressed that while some roles are disappearing, others are being added.
“Having a global workforce helps us deliver better outcomes — extending our hours of operation, speeding up processes, and improving turnaround times for customers,” the spokesperson said.
The cuts come as all of the big four banks move to shrink their workforces.
Just yesterday, ANZ confirmed it would slash 3,500 jobs and 1,000 contractor roles, mostly from its Melbourne Docklands offices.
In May, Westpac revealed plans to shed more than 1,500 positions.
And back in March, Commonwealth Bank cut 164 jobs in its tech division.
With NAB also headquartered in Docklands, Melbourne, the wave of redundancies is hitting Australia’s financial hub especially hard.
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