March 26 - The Finance Sector Union (FSU) announced on Thursday that National Australia Bank (NAB) has tabled a proposal that would reduce its onshore headcount by roughly 170 positions as part of a business division restructure, while simultaneously creating roles overseas.
According to the union, NAB's plan would make 447 roles redundant in Australia and create 277 new onshore positions, producing a net reduction of about 170 jobs nationwide. In addition to the onshore changes, the union said NAB intends to establish 237 new offshore roles, with the majority based in India and Vietnam.
NAB described the staffing changes as aligned with a strategy to develop a "modern workforce." The bank said it remains committed to recruiting and developing employees in Australia, with a particular emphasis on customer-facing roles. NAB also stated that the proposed offshore positions in India and Vietnam would function as an extension of Australian teams to help deliver more consistent outcomes for customers.
The lender did not, however, confirm the specific number of jobs that would be affected by the restructuring when speaking publicly about the proposals.
FSU national president Wendy Streets commented that the overhaul would shift ongoing skilled roles to lower-cost offshore markets, while noting that redeployment pathways for some affected staff had been improved. The union represents bank workers across Australia and is the source of the figures on redundancies and new roles shared on Thursday.
In its most recent annual report, NAB reported a global workforce of more than 38,000 colleagues, with about 76.6% of permanent headcount based in Australia. That percentage implies roughly 29,000 staff are located in Australia.
The move by NAB comes as other major Australian banks have announced job reductions. The union highlighted that ANZ said in September it would reduce its workforce by around 3,500 employees and 1,000 contractors under the leadership of new CEO Nuno Matos. Commonwealth Bank, meanwhile, disclosed in July that it was cutting 45 roles as part of a shift toward AI-driven operations, a decision that drew criticism from the Finance Sector Union.
The FSU-provided figures and NAB's public statements together outline a reorganisation that combines onshore role reductions with expanded offshore capacity. NAB characterises the adjustments as steps toward modernising how work is resourced and delivered, while the union emphasises the relocation of ongoing skilled roles to lower-cost markets.
Context and implications
The information released by the union and NAB indicates a rebalancing of staff across geographies and job types within the bank's business division. NAB's reference to customer-facing hires in Australia suggests the bank intends to preserve certain roles locally even as it shifts other functions offshore. The union's figures provide a detailed breakdown of the proposed redundancies and hires, but the bank's decision not to confirm the precise impact means the final outcome remains to be finalised through consultation processes.