National Australia Bank to Cut 410 Jobs, Shift Roles to India and Vietnam Amid Restructuring

National Australia Bank Ltd. (NAB), Australia’s second-largest lender by market value, has announced plans to cut 410 jobs within its technology and enterprise operations division. According to the Finance Sector Union (FSU), a total of 728 workers at the Melbourne-based bank will be impacted by these changes. At the same time, NAB intends to create 127 new roles in India and Vietnam, shifting some work offshore that was previously performed in Australia.

A NAB spokesperson explained that this restructuring is a response to the constantly evolving operating environment. “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 spokesperson said. The bank assured that while some roles will be eliminated or relocated, new roles are also being created across all locations to better position the company for future success.

The decision by NAB reflects broader trends within the Australian banking sector, which is seeing significant job cuts partly because of falling benchmark interest rates affecting profit margins. Earlier this week, ANZ Group Holdings Ltd. announced plans to cut around 3,500 roles as part of its own extensive overhaul. The FSU has criticized these moves, with union president Wendy Streets condemning the banks for prioritizing profits over workers’ welfare.

NAB employs over 38,000 people globally, with about 91% based in Australia and New Zealand and the rest spread across Asia, London, New York, and Paris. The bank’s offices in India and Vietnam have grown to more than 4,200 employees. Despite these expansions, NAB faces challenges at home, including recent payroll errors estimated to cost around AUD 130 million. CEO Andrew Irvine acknowledged the problem as “disappointing” and committed to fixing it promptly.

The bank’s restructuring and payroll issues underscore the pressures Australian banks are facing amid rising technological demands, changing customer expectations, and economic pressures. NAB’s careful balancing act of cost-cutting and talent relocation highlights the evolving landscape of global banking operations and the challenges in maintaining employee trust and service quality.