NAB to cut 410 Australia roles, 728 workers affected as bank shifts jobs offshore

National Australia Bank confirmed on Wednesday that 728 workers would be affected by a restructuring that includes 410 permanent cuts to Australia-based roles as the bank shifts some operations offshore to support its expansion into Asia.

NAB said the impacted jobs included 410 permanent Australian positions and that 127 roles would be made available in India and Vietnam as part of the move. The bank described the changes as part of a broader programme to reposition parts of its operations in line with strategic priorities.

The bank did not disclose a full breakdown of which business units or functions would be reduced or shifted. NAB’s announcement makes it the second of the country’s so-called Big Four banks to disclose staff reductions this week, after ANZ revealed a far larger restructuring earlier on Monday.

Financial Sector Union national president Wendy Streets criticised NAB’s decision, saying the cuts were a “betrayal” of Australian families and warning the moves could hollow out services for customers and communities that rely on the bank.

ANZ said earlier this week it would cut about 3,500 roles and end or review engagements with around 1,000 managed-services contractors as part of a simplification of its operations under new chief executive Nuno Matos. ANZ, which employs about 42,000 people, said the changes were driven by a rapidly evolving and highly competitive banking environment. Matos said the bank would focus on reorganising teams and reducing third-party engagements while maintaining dedication from customer-facing staff.

The twin announcements mark a notable week of workforce change among Australia’s largest banks and occur amid a broader industry effort to reduce costs and streamline processes while responding to competition and technological change. NAB framed its actions as a strategic repositioning, pointing to growth opportunities in Asian markets as a driver of relocating some roles.

Unions and some staff have expressed concern that offshore shifts and large-scale cuts may reduce in-country capacity and affect customer service. NAB did not immediately provide an estimate of any cost savings or a timetable for when the role transitions would take effect.

ANZ’s restructure has prompted internal commentary among staff, and media reports said some employees informally referred to the overhaul as “Nuno-geddon.” Regulators and market analysts are watching how the sector’s largest institutions balance cost reductions with service delivery as they reshape operations.

NAB and ANZ did not immediately provide further comment beyond their public announcements. The banks’ moves follow broader trends in global banking where institutions are reassessing staffing, outsourcing and geographic footprint to adapt to economic and competitive pressures.