A National Australia Bank (NAB) logo is displayed above a NAB branch in the Central Business District (CBD), Sydney, Australia, August 19, 2025. REUTERS
March 26 (Reuters) – Australia’s Finance Sector Union said on Thursday that National Australia Bank is proposing cutting about 170 jobs across the country as part of a restructuring of its business division, which will also create new roles offshore.
Here are some details:
- The union, which represents bank workers across Australia, said the proposal would make 447 roles redundant while creating 277 new onshore positions, resulting in a net loss of about 170 jobs nationwide.
- Separately, NAB, the country’s No. 2 lender by market value, is also proposing to create 237 new offshore roles, primarily in India and Vietnam, the union added.
- NAB said the changes were part of its strategy to build a “modern workforce” and that it would continue hiring and developing staff in Australia, particularly in customer-facing roles.
- It, however, didn’t confirm the number of jobs impacted by the move.
- The bank said the proposed roles in India and Vietnam would operate as an extension of its Australian teams, helping deliver more consistent outcomes for customers.
- FSU national president Wendy Streets said the overhaul would shift ongoing skilled roles to lower-cost offshore markets, although she acknowledged improvements to redeployment pathways for some affected staff.
- In its latest annual report, NAB said it has more than 38,000 colleagues globally, with around 76.6% of permanent headcount based in Australia, implying roughly 29,000 staff in Australia.
- Across the sector, rivals have also announced job cuts, with ANZ saying in September it would cut about 3,500 jobs and 1,000 contractors under new CEO Nuno Matos.
- Commonwealth Bank said in July it was cutting 45 jobs as part of a shift toward AI-driven operations, drawing criticism from the Finance Sector Union.
Reporting by Roushni Nair in Bengaluru; Editing by Rashmi Aich
