National Australia Bank (NAB) will cut 410 jobs in its technology and enterprise operations in Australia while creating 127 roles in India and Vietnam, a spokesperson said, confirming reductions first reported by the country’s financial services union.
The changes come a day after rival ANZ Group announced plans to cut 3,500 jobs over the next year, as new CEO Nuno Matos seeks to reduce duplication and simplify the bank’s structure, according to Reuters.
NAB shares were up 1.2% at A$43.29 on Wednesday (September 10), while the broader S&P/ASX200 index was flat.
“The environment we operate in is constantly changing and we need to have the right structures alongside the right skills and capabilities in the right locations to help us deliver for our customers,”
NAB said in a statement, adding that some new technology roles were also being created in Australia.
Finance Sector Union president Wendy Streets said it was “disappointing” that two of Australia’s largest banks had announced job cuts in two days.
“First ANZ, now NAB. One after the other, banks are swinging the axe,”
she said.
“These cuts are destructive to the people who make the banks’ success possible.”
Featured image credit: NAB
The article first appeared on Fintech News Singapore
