14 November 2023

NAB posts massive $7.7 bn profit while hundreds of jobs are cut

The recent announcement of a massive $7.7 billion full year profit by NAB CEO Ross McEwan is undoubtedly because of the hard work, resilience, and dedication of every FSU member across the organisation.

Yet instead of valuing the contributions of staff, NAB has cut hundreds of roles from across the bank over the last 12 months.

FSU members have consistently dealt with increasing uncertainty from rolling restructures and branch closures, which has resulted in increased workloads, stress, and hours of work due to understaffing. There has been a failure from Senior Management to recognise the significant concerns of staff.

As part of the profit announcement NAB has also forecast productivity savings of approximately $400 million in the 2024 financial year.

The FSU will be writing to NAB to seek an urgent briefing on what these productivity savings include and what impact they may have on members.

At a time when NAB is posting record profits, it can and should be investing in FSU members, not slashing roles and making your jobs harder.

We will keep members updated following our discussions with NAB, however if you hear of any changes within your area please get in touch by email to fsuinfo@fsunion.org.au or call our Member Rights Centre on 1300 366 378 so we can discuss your rights.

In unity,

Your FSU Team

Authorised by Julia Angrisano, National Secretary