NAB Plans to Cut 170 Jobs While Expanding Offshore Operations

National Australia Bank (NAB) is proposing to eliminate approximately 170 jobs across Australia as part of a major business restructuring, according to the Finance Sector Union (FSU). The plan would make 447 existing roles redundant while creating 277 new onshore positions — resulting in a net domestic job loss of around 170 nationwide.

Alongside the local cuts, Australia's second-largest bank by market value is also considering the creation of 237 new offshore positions, primarily based in India and Vietnam. The FSU, which represents bank workers throughout the country, confirmed these offshore roles would largely replace skilled positions previously held by Australian workers.

NAB defended the restructuring as a step toward building a "modern workforce," emphasizing its continued commitment to hiring and developing staff in Australia — particularly in customer-facing roles. The bank described its proposed offshore teams as extensions of its Australian operations, designed to deliver more consistent customer outcomes. NAB, however, declined to confirm the specific number of positions affected.

FSU national president Wendy Streets criticized the overhaul, arguing it effectively shifts ongoing, skilled work to lower-cost overseas markets. She did, however, acknowledge that some improvements to redeployment pathways had been offered to affected employees.

According to NAB's latest annual report, the bank employs more than 38,000 people globally, with approximately 76.6% of its permanent workforce — roughly 29,000 employees — based in Australia.

The announcement adds to a growing wave of job reductions sweeping Australia's banking sector. ANZ revealed plans in September to cut around 3,500 jobs and 1,000 contractor roles following a leadership change, while Commonwealth Bank announced 45 redundancies in July as part of a broader shift toward artificial intelligence-driven operations — a move that also drew sharp criticism from the Finance Sector Union.