Staff say jobs are moving offshore as NAB sheds workers
NAB workers say the writing was on the wall regarding mass redundancies as the major bank pushes towards an offshore workforce and the uptake of AI.
National Australia Bank (NAB) is undergoing a major restructuring that has led to the shedding of thousands of jobs. Staff are being forced to reapply for their positions and compete with each other as entire teams are affected. The bank has announced plans to cut 2,500 roles by June next year, with 1,500 expected to be out by Christmas, which represents about 6% of its total workforce.
Corporate roles are bearing the brunt of the cuts, and workers have accused the bank of a "spill and fill" redundancy strategy, moving work offshore and increasing its reliance on AI. Several workers have expressed concerns about their job security and the impact on the bank's Australian workforce, which is set to decrease from 53% to 40% by 2027.
The Australian-based workforce is expected to be cut to 400 employees, while Indian and Vietnamese offices will see an increase in their numbers to 30% and 20% respectively. NAB's chief executive, Andrew Irvine, encouraged colleagues to be "thoughtful" and check on one another, indicating support would be offered to those impacted personally.
However, the union representing bank employees has called the redundancy plans a "wrecking ball" and expressed shock at the timing of the news, which comes close to Christmas.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
