ISCOVER
The Finance Sector Union has hit back at the banks for making widespread redundancies, after NAB followed on the heels of ANZ with a swathe of redundancies.
The FSU has criticised the major banks for “moving in lockstep against workers” after two mass redundancy moves from the big banks.
On Wednesday (10 September), it was revealed that big four bank National Australia Bank (NAB) was making some changes in its technology & enterprise operations division to simplify team structures, remove duplication, and allocate appropriate skills to deliver better customer outcomes.
As part of the changes, 728 workers will be impacted, including a permanent cut of 410 jobs.
However, the bank also stated that while 410 roles would be removed, new roles would be created in Australia.
The bank also reportedly intends to establish 127 new roles in India and Vietnam.
A NAB spokesperson commented: “Like many businesses, we regularly look at the way we work and how we’re structured to deliver the best experience we can for our customers. 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.
“These decisions are always difficult and we understand the impact they can have on our colleagues,” the spokesperson said, adding that it would prioritise providing care and support to those impacted, including via its employee assistance program, offering counselling, one-on-one career coaching, and masterclasses for CV preparation and interviewing.
The bank also said it would look at redeployment options and added: “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.”
NAB’s decision to cut staff is the latest in a series of similar announcements from Australia’s “big four” banks.
Earlier this week, ANZ unveiled a major restructure, which will see approximately 3,500 employees and 1,000 contractors depart the company over the next year. The move is part of a plan by new CEO Nuno Matos to simplify the bank and cut costs.
Similarly, the Commonwealth Bank of Australia (CBA) had announced a plan to axe at least 45 customer service jobs and replace them with artificial intelligence (AI). However, as reported by The Adviser sister brand Cyber Daily, this was backtracked following significant backlash.
Speaking this week, the Finance Sector Union said it would “fight NAB’s cuts as fiercely as it is fighting ANZ and CBA, demanding accountability and secure, local jobs”.
FSU national president Wendy Streets commented: “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.”
She flagged that NAB had recently reported “billions in profit” and chastised the lenders for putting workers’ futures under uncertainty by replacing workers in secure jobs with offshoring and automation.
“Cuts this deep don’t just hurt staff they hollow out services for customers and communities who rely on NAB,” Streets said.
“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.”
[Related: ANZ announces major job cuts as part of new strategy]
JOIN THE DISCUSSION