National Australia Bank 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 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.
NAB shares were trading 1.2 per cent higher on Wednesday at A$43.29, while the broader S&P/ASX200 index 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.
