National Australia Bank cuts 410 jobs in Australia, creates new roles in India and Vietnam

 

National Australia Bank (NAB) has announced a major restructuring in its workforce, cutting 410 jobs across its technology and enterprise operations in Australia. At the same time, the bank is creating 127 new roles in India and Vietnam, a move aimed at enhancing efficiency and streamlining its global operations. A spokesperson confirmed the development after the news was first revealed by the country’s financial services union.

The changes come just a day after rival ANZ Group revealed its plan to cut 3,500 jobs over the next year under its new chief executive Nuno Matos. ANZ stated that the restructuring is aimed at reducing duplication and simplifying its operational structure, signaling a broader trend of workforce reshaping in Australia’s banking sector.

According to market data, NAB shares were trading 1.2 percent higher on September 10 at USD 28.43 (AUD 43.29), while the broader S&P/ASX200 index remained flat. The stock movement suggests that investors are viewing the restructuring as a strategic step towards cost optimization and improved long-term growth.

Industry experts point out that the offshoring of roles to India and Vietnam highlights the growing reliance on skilled global talent in technology and financial services. While the cuts in Australia have raised concerns among employees and unions, NAB emphasized that the decision was made to ensure the bank remains competitive in a rapidly evolving digital environment.

New India Abroad notes that this announcement underscores the shifting dynamics of the financial services sector, where banks are increasingly focusing on technology-driven solutions and cross-border workforce integration. The trend indicates that while local jobs may be impacted, opportunities are expanding in global markets that offer cost efficiency and specialized expertise.