A spokesperson confirmed what Australia’s Financial Services Union had revealed about two of Australia’s largest banks shedding jobs in a span of just two days: The National Australia Bank (NAB) has decided to axe 410 jobs in Australia in its technology and enterprise operations and instead create 127 roles in India and Vietnam.
"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 separate technology roles were being created in Australia.
The bank’s shares were trading at 1.2 per cent higher on Wednesday at AUD 43.29, while the broader S&P/ASX200 was flat.
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NAB’s announcement comes one day after rival ANZ Group said it would cut 3,500 jobs over the next year as new chief executive, Nuno Matos, aims to simplify the bank’s structure and cut duplication.
Meanwhile, the Finance Sector Union president Wendy Streets slammed the job cuts, saying these were “destructive to the people who make the banks’ success possible”.
"First ANZ, now NAB. One after the other, banks are swinging the axe," she said, calling it disappointing that two of Australia’s largest banks had shed jobs in two days.
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