Australian lender NAB to cut over 200 back-office jobs – AFR
2023.09.06 22:02
© Reuters. The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz
(Reuters) – National Australia Bank (OTC:) is planning to cut 222 jobs in the personal lending, technology, corporate finance and client coverage departments, the Australian Financial Review reported on Wednesday.
Finance Sector Union (FSU), a white-collar trade union, called for an urgent meeting of members to discuss the redundancies and consultations were scheduled to finish on Wednesday, the report said.
NAB and FSU did not immediately reply to an emailed request for comment.
Reuters previously reported that NAB was preparing to lay off 60 of the 600 staff at its markets division and undertake a broad restructuring exercise across its seven businesses.
There have also been reports of larger peers Commonwealth Bank of Australia (OTC:) and Westpac Banking (NYSE:) Corp axing several hundred jobs to reduce costs amid high interest rates and inflation.
NAB in August reported a 5% jump in third-quarter cash earnings, while its margins declined due to higher home lending competition and deposit costs.
