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National Australia Bank (NAB) has confirmed it will cut 410 jobs in its technology and enterprise operations across Australia while creating 127 new roles in India and Vietnam. The move follows recent job cut announcements from rival ANZ Group, which plans to shed 3,500 positions over the next year as part of its restructuring efforts under new CEO Nuno Matos.
NAB stated the workforce changes are aimed at aligning skills and capabilities with evolving business needs. The bank emphasized that while some roles are shifting overseas, it is also creating new technology positions within Australia to strengthen its operations.
“The environment we operate in is constantly changing, and we need the right structures, skills, and capabilities in the right locations to deliver for our customers,” NAB said in its statement.
The Finance Sector Union (FSU) criticized the decision, expressing disappointment that two of Australia’s largest banks have announced significant job losses in consecutive days. FSU president Wendy Streets argued that these cuts negatively impact employees who contribute to the banks’ long-term success. “First ANZ, now NAB. One after the other, banks are swinging the axe. These cuts are destructive to the people who make the banks’ success possible,” she said.
Despite the layoffs, NAB shares rose 1.2% on Wednesday to A$43.29, outperforming the broader S&P/ASX200 index, which remained flat. The positive share movement suggests investor confidence in the bank’s cost-cutting and efficiency measures.
The banking sector in Australia is undergoing major structural changes as institutions focus on reducing duplication, simplifying operations, and enhancing digital capabilities. With both NAB and ANZ making large-scale workforce reductions, industry analysts suggest further consolidation and role shifts may continue as banks adapt to a highly competitive environment.
