By Scott Murdoch
Copyright reuters
SYDNEY, Sept 10 (Reuters) – National Australia Bank (NAB.AX), opens new tab is cutting 410 jobs in its technology and enterprise operations in Australia and creating 127 roles in India and Vietnam, a spokesperson said, confirming cuts first revealed by the country’s financial services union.
The NAB changes come one day after rival ANZ Group (ANZ.AX), opens new tab said it would cut 3,500 jobs over the next year as new chief executive Nuno Matos aims to cut duplication and simplify the bank’s structure.
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NAB shares were trading 1.2% higher on Wednesday at A$43.29, while the broader S&P/ASX200 index (.AXJO), opens new tab was flat.
“The environment we operate in is constantly changing and we need to have the right structures alongside the right skills and capabilities in the right locations to help us deliver for our customers,” NAB said in a statement, adding some separate technology roles were being created in Australia.
Finance Sector Union president Wendy Streets said it was disappointing two of Australia’s largest banks had shed jobs in two days.
“First ANZ, now NAB. One after the other, banks are swinging the axe,” she said.
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“These cuts are destructive to the people who make the banks’ success possible.”
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Reporting by Scott Murdoch in Sydney; Editing by Jamie Freed
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Scott MurdochThomson ReutersScott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. He has specialised in financial journalism for most of his career and covers the Australian financial services sector and superannuation. He is based in Sydney.
