iscover
National Australia Bank is the latest banking giant to implement a restructure, which will result in hundreds of staff being made redundant.
NAB’s decision
Yesterday (9 September), ANZ advised the market that it is restructuring its business, at a cost of approximately $560 million before tax, in which around 3,500 employees will lose their jobs in the next 12 months.
Now, another banking giant is set to implement a restructure. HR Leader understands that NAB is looking to make changes in technology and enterprise operations division (such as removing duplication and simplifying team structures), which will see the creation of some new roles nationwide but also a reduction of 410 roles in the division.
As has been reported, impacted staff were informed of the looming changes yesterday.
A spokesperson for NAB told HR Leader that the bank regularly looks at how it works and is structured, so it can deliver optimal client service experiences.
“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,” the spokesperson said.
“These decisions are always difficult, and we understand the impact they can have on our colleagues. When colleagues are impacted, our priority is to provide care and support, including via our employee assistance program, redeployment options, and career transition services, such as Job Ready coaching sessions.
“While some roles are no longer required or may move location, we are also creating new roles across all locations as necessary, to ensure we are set up for success and can deliver better outcomes.
“Having a global workforce is helping us generate better outcomes for customers in a number of ways, leveraging global time zones to extend our hours of operation, speeding up processes and improving turnaround times for our customers.”
HR Leader also understands that the bank will provide impacted colleagues with access to a range of support services, including EAP-provided counselling, career coaching and advice, and job-ready masterclasses.
Union fury
In a statement, the Finance Sector Union (FSU) lashed out at the bank, saying its decision will see 728 workers impacted, including the loss of 410 jobs.
The union also said the bank intends to establish 127 new roles in India and Vietnam, shifting work performed in Australia overseas.
FSU national president Wendy Streets said: “Two banks in two days slashing jobs, it’s shameful. This isn’t one rogue bank, it’s the whole sector driving the same agenda at the expense of workers and communities.
“It is a betrayal of 728 workers and their families. Profits in their billions, jobs in the bin, banks are showing open contempt for their own people.
“Cuts this deep don’t just hurt staff, they hollow out services for customers and communities who rely on NAB.
“First ANZ, now NAB. One after the other, banks are swinging the axe. These cuts are destructive to the people who make the banks’ success possible.”
The FSU will fight NAB’s cuts “as fiercely as it is fighting ANZ and CBA”, the union added, and demand accountability and secure, local jobs.
Jerome Doraisamy is the managing editor of Momentum Media’s professional services suite, encompassing Lawyers Weekly, HR Leader, Accountants Daily, and Accounting Times. He has worked as a journalist and podcast host at Momentum Media since February 2018. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
