Strategic HR
NAB announces 400+ job cuts as the banking sector faces mounting pressures
The bank joins ANZ in a major overhaul, with hundreds of roles set to be cut or moved offshore as leaders prioritise efficiency in a competitive market.
NAB confirmed that 728 positions would be impacted, with 410 of those being permanent job cuts for Australia-based employees. The bank plans to move a number of these roles to Asia, with 127 new positions to be made available in India and Vietnam.
Union leaders say the move is more than just a corporate restructure; it’s a blow to workers and their families. Wendy Streets, national president of the Financial Sector Union, described it as a “betrayal”, warning that deep cuts like these strip away vital services for customers and communities that depend on NAB.
The news from NAB comes as ANZ is also undergoing its own extensive overhaul under new CEO Nuno Matos. ANZ announced it would cut 3,500 jobs and 1,000 contractor roles in a bid to "simplify processes". In a note to staff, Matos said the changes were necessary for the bank to operate in a "rapidly evolving and highly competitive banking environment".
Union leaders say the move is more than just a corporate restructure; it’s a blow to workers and their families. Wendy Streets, national president of the Financial Sector Union, described it as a “betrayal”, warning that deep cuts like these strip away vital services for customers and communities that depend on NAB.
The news from NAB comes as ANZ is also undergoing its own extensive overhaul under new CEO Nuno Matos. ANZ announced it would cut 3,500 jobs and 1,000 contractor roles in a bid to "simplify processes". In a note to staff, Matos said the changes were necessary for the bank to operate in a "rapidly evolving and highly competitive banking environment".
The upheaval hasn’t been smooth elsewhere either. At ANZ, CEO Nuno Matos recently apologised after employees received automated emails about job losses before being officially told. The incident, which staff have nicknamed “Nuno-geddon”, shows just how disruptive and personal large-scale restructures can be inside an organisation.
As both NAB and ANZ move to cut duplication, streamline operations, and transfer roles offshore, the focus is squarely on efficiency. While this may position the banks for future stability and performance, the impact on their workforce is a reminder that in the face of major business ambitions, it is people who bear the cost of change.
As both NAB and ANZ move to cut duplication, streamline operations, and transfer roles offshore, the focus is squarely on efficiency. While this may position the banks for future stability and performance, the impact on their workforce is a reminder that in the face of major business ambitions, it is people who bear the cost of change.
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