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National Australia Bank confirmed Tuesday it will eliminate 410 positions from its technology and enterprise operations division, marking the second major Australian bank in two days to announce significant job cuts.
The cuts come just 24 hours after ANZ Banking Group revealed plans to slash 3,500 full-time roles and 1,000 contractor positions, signaling a coordinated downsizing across Australia's major banking sector.
NAB informed affected employees of the redundancies Monday, with 728 workers total impacted by the restructuring. The bank said some staff will transition to new roles while others face permanent job losses.
"Like many businesses, we regularly look at the way we work and how we're structured to deliver the best experience we can for our customers," a NAB spokesperson said Tuesday. "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."
The Finance Sector Union condemned the cuts as part of an industry-wide assault on workers, with National President Wendy Streets calling the timing "shameful."
"Two banks in two days slashing jobs, it's shameful," Streets said. "This isn't one rogue bank, it's the whole sector driving the same agenda at the expense of workers and communities."
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NAB will establish 127 new positions in India and Vietnam as part of the restructuring, effectively moving Australian jobs overseas. The bank said the global workforce expansion helps leverage international time zones and improve customer service turnaround times.
"Having a global workforce is helping us generate better outcomes for customers in a number of ways, leveraging global time zones to extend our hours of operation, speeding up processes and improving turnaround times for our customers," the NAB spokesperson said.
The union criticized the offshore strategy, noting it comes despite NAB reporting billions in profit. Streets said the cuts represent "open contempt" for bank employees.
"It is a betrayal of 728 workers and their families," Streets said. "Profits in their billions, jobs in the bin, banks are showing open contempt for their own people."
NAB said it will explore redeployment options for redundant staff and provide career transition support. The bank emphasized that while eliminating some roles, it continues creating positions across all locations where needed.
"These decisions are always difficult and we understand the impact they can have on our colleagues," the NAB spokesperson said.
The cuts affect NAB's Melbourne-based Docklands headquarters operations, where the bank's technology and enterprise divisions are concentrated. Australia's major banks have increasingly moved support functions offshore to reduce costs while maintaining domestic customer-facing operations.
ANZ's Monday announcement targeted its Melbourne Docklands office, with the majority of the 4,500 total positions eliminated expected to impact that location. The bank cited similar operational efficiency goals in justifying the cuts.
All four major Australian banks have announced significant redundancies this year. Westpac planned to eliminate more than 1,500 positions in May as part of systems consolidation efforts. Commonwealth Bank cut 164 technology division jobs in March.
The sequential announcements suggest coordinated cost-cutting across the sector as banks adapt to changing customer preferences and increased digital service adoption. Industry analysts have noted banks' push toward automation and offshore operations to maintain profit margins amid competitive pressures.
Streets said the union will fight NAB's cuts as aggressively as it has opposed reductions at other major banks, demanding accountability and job security commitments.
"Cuts this deep don't just hurt staff they hollow out services for customers and communities who rely on NAB," Streets said. "First ANZ, now NAB. One after the other, banks are swinging the axe."
The Finance Sector Union represents workers across Australia's banking industry and has organized resistance to recent downsizing efforts. The union argues profitable banks should maintain domestic employment rather than pursuing offshore alternatives.
Banking sector employment has declined steadily as institutions embrace digital technologies and reduce branch networks. The recent cuts accelerate a trend that has seen thousands of positions eliminated across major banks over the past five years.
NAB's technology and enterprise operations division handles back-office functions including systems maintenance, data processing and customer support infrastructure. The division's restructuring reflects banks' broader shift toward automated systems and international service centers.
The bank did not specify which geographic locations would gain the 127 new overseas positions, though India and Vietnam have become popular destinations for Australian financial services offshore operations. Both countries offer large English-speaking workforces and significant cost advantages compared to Australian employment.
Consumer advocates have questioned whether offshore transitions might impact service quality, though banks maintain that global operations enhance rather than diminish customer experiences. NAB emphasized that its international expansion aims to improve rather than replace domestic capabilities.
The rapid succession of announcements has drawn political attention, with union leaders calling for government intervention to protect Australian banking jobs. The Finance Sector Union has scheduled meetings with affected workers to coordinate response strategies.
Streets warned that additional banks may announce similar cuts, describing the current wave as an orchestrated industry initiative rather than isolated decisions.
"These cuts are destructive to the people who make the banks' success possible," Streets said.
The banking job reductions come as Australia's employment market remains relatively strong, though technology sector positions have faced increased pressure from automation and offshore competition across multiple industries.
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