07 September 2023

Finance Sector Union (FSU) members at National Australia Bank (NAB) are outraged the bank has announced job cuts less than a month after posting a quarterly profit of $1.75 billion.

NAB’s restructuring of its Personal Direct Lending, Technology and Operations, Corporate Finance and Client Coverage departments will result in 222 redundancies with hundreds of other staff redeployed.

FSU National Secretary Julia Angrisano said there is significant concern that further job cuts are on the horizon after NAB’s Q3 trading statement said it was targeting an additional $400 million in cost cuts.

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

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

“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.”

“NAB has an obligation to invest in education and re-skilling programs for those impacted by the latest announcement to genuinely provide future career opportunities.”

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

“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.”

Media contact John Hill 0412 197 079

Authorised by Julia Angrisano, National Secretary