3 May 2018

The Finance Sector Union of Australia (FSU) is concerned about job security in the financial services sector as the National Australia Bank (NAB) moves to sell off its wealth division.

FSU National Secretary Julia Angrisano said the NAB had already announced 6,000 staff would be made redundant. Now another round of redundancies could see staff cuts at the bank reach well over 20 per cent of the workforce.

“The Financial Services Royal Commission is shining the light on significant problems within the banks and the reputational damage and the erosion of community trust the NAB is suffering is not the fault of front-line staff,” Ms Angrisano said.

“The FSU believes it would be more appropriate that significant decisions that impact thousands of workers were made in the context of the findings and recommendations of the Royal Commission.”

“We are concerned about the impact this uncertainty will have on workers and following today’s announcement, our members are questioning the NAB’s commitment to its staff.”

Ms Angrisano said the Royal Commission was uncovering some shocking evidence but that shouldn’t result in financial services workers losing their jobs.

“We all want a strong and profitable banking system but that should not be at the expense of the NAB’s customers or its staff.”


Media contact John Hill 0412197079

Authorised by Julia Angrisano, National Secretary Written By David Mott