National Australia Bank cuts 410 jobs, to hire in India and Vietnam

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% higher on Wednesday (September 10) 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.

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.

"These cuts are destructive to the people who make the banks' success possible."

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