National Australia Bank has cut hundreds of jobs in Australia as it ramps up hiring in India and Vietnam.
In the latest restructure, 447 roles will be eliminated from its business division in Australia, while 237 new positions will be created in the two Asian countries.
The latest cuts come after earlier waves of redundancies, with the bank axing 180 roles in its retail banking division in February and more than 400 jobs across its technology and operations teams in October.
FSU national president Wendy Streets blasted the bank for slashing local jobs while expanding its global footprint.
‘NAB is cutting hundreds of roles in Australia while expanding its workforce offshore, a decision that has real consequences for local workers and communities,’ she said.
‘This is a net loss of Australian jobs, with roles shifting to lower-cost markets despite these positions being readily filled here. These are ongoing, skilled roles that should remain in Australia.’
She said NAB’s efforts to redeploy staff do little to address the broader issue of secure jobs being funnelled out of the country.
The restructure comes as NAB continues to grapple with a shocking tragedy at its Docklands headquarters earlier this month.
National Australia Bank has cut hundreds of jobs in Australia as it ramps up hiring in India and Vietnam.
The job losses come weeks after a NAB worker fell to their death from the Melbourne office
On March 5, a banker fell to his death from the roof of the Bourke Street complex, an incident that horrified witnesses and triggered an internal investigation into what staff have described as a ‘toxic workplace culture.’
The man, yet to be formally identified, is understood to have been an ‘AI-skilled’ employee working in NAB’s fraud division.
The bank is examining whether the height of the rooftop glass barriers played any role in the incident.
One traumatised staff member told Daily Mail Australia they had just returned from lunch when the tragedy unfolded.
‘As we were walking back, we looked up and watched the entire thing,’ they said.
Daily Mail Australia contacted NAB for comment.
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