Australian lender NAB to cut over 200 back-office jobs - AFR

Credit: REUTERS/Daniel Munoz

Adds details on layoffs in paragraph 2-6

Sept 6 (Reuters) - National Australia Bank NAB.AX is planning to cut 222 jobs in the personal lending, technology, corporate finance and client coverage departments, the Australian Financial Review reported on Wednesday.

Finance Sector Union (FSU), a white-collar trade union, called for an urgent meeting of members to discuss the redundancies and consultations were scheduled to finish on Wednesday,the report said.

Reuters previously reported that NAB was preparing to lay off 60 of the 600 staff at its markets division and undertake a broad restructuring exercise across its seven businesses.

There have also been reports of larger peers Commonwealth Bank of Australia CBA.AX and Westpac Banking Corp WBC.AXaxing several hundred jobs to reduce costs amid high interest rates and inflation.

(Reporting by Poonam Behura in Bengaluru; Editing by Shilpi Majumdar and Devika Syamnath)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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