National Australia Bank is restructuring its workforce by eliminating approximately 170 positions domestically while creating 237 new roles in India and Vietnam. The Finance Sector Union reports that 447 positions will be cut with only 277 new domestic roles created as part of the bank’s offshore expansion strategy.
The Finance Sector Union announced Thursday that National Australia Bank plans to eliminate approximately 170 positions throughout the country as the financial institution restructures its business operations and expands internationally.
According to the union representing banking employees nationwide, the restructuring proposal involves eliminating 447 existing positions while establishing 277 new domestic roles, creating a net reduction of roughly 170 jobs across Australia. Additionally, the bank intends to establish 237 new positions overseas, with most located in India and Vietnam.
The country’s second-largest bank by market capitalization described these workforce changes as part of its initiative to develop a “modern workforce.” Bank officials stated they remain committed to recruiting and training employees within Australia, especially for customer service positions, though they declined to verify specific job numbers affected by the reorganization.
Bank representatives explained that the proposed international positions would function as extensions of their Australian operations, designed to provide more reliable service outcomes for customers.
Finance Sector Union national president Wendy Streets commented that the reorganization would transfer specialized ongoing positions to less expensive international markets. However, she recognized that the bank had improved career transition opportunities for some impacted employees.
National Australia Bank’s most recent annual report indicates the institution employs over 38,000 people worldwide, with approximately 76.6% of permanent employees working in Australia, suggesting around 29,000 Australian staff members.
This workforce reduction follows similar moves by competing banks in the sector. ANZ announced in September it would eliminate roughly 3,500 jobs and 1,000 contractor positions under new CEO Nuno Matos. Commonwealth Bank revealed in July it was cutting 45 positions as part of transitioning to artificial intelligence-driven operations, which drew criticism from the Finance Sector Union.