Major bank to cut more than 200 jobs

Major bank to cut more than 200 jobs

National Australia Bank will cut 222 jobs in a major workplace shake-up.

The redundancies will impact staff in the personal lending, technology, corporate finance and client coverage sectors, the Financial Services Union has confirmed.

Hundreds of workers will be redeployed to other sections.

The FSU is consulting with NAB, Australia’s second-largest bank, on the cuts and expressed outrage the redundancies were sweeping through less than a month after the bank posted a $1.75bn quarterly profit.

FSU national secretary Julia Angrisano said there was also fear more job cuts were coming after NAB’s Q3 trading statement stated it was targeting an additional $400m in cost savings.

“That can only mean more jobs are about to go which has had a devastating effect on staff morale,” she said.

“NAB is already under pressure for creating an internal working environment that requires employees to work excessive and unreasonable hours.

“The FSU has taken NAB to the federal court over employee workloads but this latest round of job cuts has raised concerns that the problem is going to become much worse.”

Ms Angrisano said the bank should invest in education and reskilling programs for those impacted to help provide future career opportunities.

She also said workers had lost faith in the major lender.

“The latest round of EA bargaining demonstrated that our members had lost faith in the NAB,” she said.

“If NAB wants to improve its reputation with its staff it should genuinely engage workers in proper consultation before any announcement of change and impact to jobs.”

NAB has been contacted for comment.